Cryptocurrency investment firm, Grayscale has achieved its most significant single fundraising week in its entire lifetime, raking in a massive $217 million. The crypto investment firm has had a smash hit of a week, following the release of its new Bitcoin TV ad campaign.
On August 14, Grayscale’s CEO, Barry Silbert, disclosed through Twitter that the cryptocurrency investment firm had taken in $217 million this week, the most substantial amount it has ever raised in a single week.
— Grayscale (@Grayscale) August 10, 2020
Bitcoin TV ad urges people to invest in crypto
The feast began when the crypto investment firm started airing TV ads trailing the gradual development of money, into the era of cryptocurrencies. Following the Bitcoin TV ad, Grayscale’s competitors, Galaxy Digital, posted a full-page advertisement on the Financial Times, stating: “Now is the time to invest in Bitcoin.”
Big ad for bitcoin in the FT today from Galaxy Digital. Love it pic.twitter.com/ro05QdvDFf
— Barry Silbert (@barrysilbert) August 13, 2020
The positive results yielded by Grayscale are a confirmation that the battle to acquire fresh cryptocurrency investors is still going. The battle is being driven towards new boundaries by Grayscale and its rivals such as Galaxy Digital. Grayscale’s Bitcoin TV ad was aired on television channels such as CNBC, MSNBC, FOX and FOX business.
Grayscale’s 2020 growth driven by Ethereum
Grayscale was established back in 2013 by Venture Capital firm, Digital Currency Group, to introduce institutional investors to digital assets. The firm offers trust for digital currencies such as Bitcoin, Ethereum and several others. The most significant catalyst for Grayscale’s development in 2020 has been Ethereum. Notably, the firm purchased nearly as much as half of all the ETH mined during the first half of 2020.
During an investors call in July, the crypto investment firm revealed that it invested $375.5 million on Ethereum fund since it was launched in 2018. Generally, Grayscale reported an influx of over $900 million during Q2 of 2020. During last month’s investors’ call, Silbert notified them that he was carefully positive the U.S. government had changed its mind on outlawing. The CEO cited the increasing number of BTC supporters in government offices in Washington, D.C.