‘Will soon pass world’s largest commodity ETF’


Grayscale, the largest US asset manager, has just crossed the $50 billion mark in cryptocurrency assets under management for the first time. Grayscale’s AUM is getting closer to the $57 billion of the largest commodity ETF.

JALON: We just reached A$50 billion. One more reason to #GoGrayscale pic.twitter.com/Jrk7n6TAOI

– Gray Scale (@GrayScale) April 14, 2021

The company plans to switch to ETFs as soon as regulations allow.

Had the ETF already been approved, Grey Scale would have been the second-largest commodity ETF behind SPDR for gold stocks. The GLD is a physically deposited gold exchange-traded fund (ETF). The company is listed on the stock exchanges of the United States, Mexico, Singapore, Japan and Hong Kong.

Grayscale CEO Michael Sonnenshein tweeted that he thinks the Grayscale Bitcoin Fund, or GBTC, will likely surpass the GLD fund in terms of market capitalization in a few months.

We think gold is symbolic of the diminishing potential of sustained growth in commodity prices, especially when compared to #Bitcoin. @Grayscale’s $GBTC assets, the dominant medium of exchange, will be transferred to the leading gold ETF tracker $GLD’@mikemcglone11 @JSeyff pic.twitter.com/YQwA6M5WFm in a few months.

– Michael Sonnenshein (@Sonnenshein) April 14, 2021

Grayscale offers institutional investors exposure to cryptocurrencies and holds approximately 660,000 BTC, or 3.5% of the 18.68 million bitcoin transactions. Nearly 655,000 of them are held in Grayscale’s Bitcoin Trust.

Grayscale doesn’t just trade bitcoin; nearly 20 percent of the company’s annual assets under management are spread across a dozen other cryptocurrencies, including Ethereum ($7.4 billion), Litecoin ($405 million), Ethereum Classic ($267 million) and Bitcoin Cash ($234 million). Last month, five more trusts were set up: Decentrand MANA ($18.6 million), Livepeer ($13 million), Filecoin ($7.7 million), Basic Attention Token ($4.8 million) and Chainlink ($4.5 million).

The company is already by far the largest manager of digital assets in the US, while Pantera, the second largest manager, has just $4.3 billion, less than a tenth of Grayscale’s $50 billion.

Yesterday, the asset manager announced a partnership with Time Magazine to create an educational video on crypto. The magazine also agreed to receive the payment in bitcoins and add the digital asset to its balance sheet.

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