The crypto management company Grayscale Investments raised nearly $250 million in new assets by the end of June this year, a half-year report published on Wednesday showed. Most of the money came from big players despite cryptocurrency market volatility, especially in the first months of this year.
Grayscale Investments, which is part of Barry Silbert's Digital Currency Group, manages more than $2 billion in assets. Grayscale has eight crypto funds in the portfolio, for investments in Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Ethereum Classic (ETC), Ripple (XRP), Litecoin (LTC), Zcash (ZEC) and the Digital Large Cap fund.
“As the investment community knows, over the last six months, the digital asset market experienced one of the largest price drawdowns since the inception of Bitcoin in 2009. However, what is more interesting, and somewhat counterintuitive, is that the pace of investment into Grayscale products has accelerated to a level that we have not seen before,” the company said.
Institutional investors accounted for 56% of the new assets, 20% were accredited individuals, 16% retirement accounts and 8% - family offices.
“The average investment was $848K for institutional investors, $553K for family offices, $335K for retirement accounts, and $289K for individuals […] Moreover, if we break down our investor base by geography, roughly 64% of all new investments came from U.S. investors, 26% from offshore investors (e.g., Cayman-domiciled entities), and 10% from investors in other regions of the world,” the report stated.
The leading cryptocurrency by market capitalization, Bitcoin, accounted for 63% of the total crypto assets while non-BTC products made up 36%.
The Grayscale report came on the heels BlackRock CEO Larry Fink denying rumors about investments in digital coins, which prompted a reaction from the founder and CEO of Digital Currency Group Barry Silbert.
“July 16: CEO of BlackRock says there is ZERO institutional interest in crypto
July 18: @GrayscaleInvest publishes the 1H 2018 Digital Asset Investment Report, which highlights that 56% of $250 mm raised to date came from institutional investors,” Silbert said.
This article appeared first on Cryptovest
