Bitcoin’s price has soared wild. Owing to the strong bullish momentum, the crypto fund manager Grayscale has surpassed $23 billion in assets under management [AUM] on the 5th of January, up from $22.8 billion on the 1st of January this year. Since the start of 2020, the platform has increased its holdings by ten times.
Bitcoin has been making and breaking records with each passing day. It crossed yet another milestone of $35.1k before retracing to the press time price of $34.82k. This has paved the way for the altcoin market to register tremendous rally breaching levels not seen since the 2017-2018 bull run.
The growth that the asset manager has noted in the past couple of weeks has been nothing short of phenomenal. Thanks to the growing customer base of institutions, high net individuals as well as retail investors, the AUM figures have skyrocketed in a short period of time. As Grayscale products continued to attract massive capital inflows, Bitcoin was its largest holdings with a staunching $19.47 billion followed by its Ethereum product [ETHE] at $3.09 billion, Grayscale Litecoin Trust [LTCN] with $178 million.
Taking the opportunity, Grayscale has not only accumulated a massive amount of crypto-assets but has also launched substantial marketing campaigns. One of its most popular was the DropGold. More recently, it launched ‘GoGrayscale’ marketing campaigns to increase awareness about digital assets.
Reportedly, shares of Grayscale Bitcoin Trust [GBTC] soared by nearly 12% on the 5th of January. This was right after JPMorgan issued an extremely bullish forecast for the price of Bitcoin. A popular JP Morgan analyst went on to claim that Bitcoin could potentially rise as high as $146,000
TWJ had earlier revealed how confident the market has been following the stunning rally. Barry Silbert, the Founder, and CEO of Digital Currency Group which owns the digital asset manager had earlier tweeted,
“You all clearly want Grayscale to hit $20 billion in AUM in 2020. I’ll take it”