New York-based crypto asset manager Grayscale reported a 42% growth in its product inflows in Q1 2019 over the previous quarter.
American digital asset manager Grayscale Investments reported a 42% growth in its product inflows in Q1 2019 over the previous quarter, the firm announced in a new financial report on May 13.
Grayscale was specifically bullish on major cryptocurrency bitcoin (BTC), reporting that the vast majority of investments in Q1 2019 were in its Bitcoin Investment Trust (BIT).
According to the report, Grayscale Bitcoin Trust secured $3.2 million in average weekly investment out of total average weekly investment of $3.3 million. As such, non-bitcoin investment products amounted to less than $0.1 million, the firm wrote.
Non-bitcoin investments include such products as the Grayscale Ethereum Trust, Grayscale XRP Trust, Bitcoin Cash Trust, and others, the firm explained.
Total investment into Grayscale Products increased from $30.1 million in Q4 2018 to $42.7 million in Q1 2019, with 73% of investors represented by institutional investors. The company also wrote that hedge funds increased their investments significantly from less than $1 million in Q4 2018 to around $24 million in Q1 2019.
Founded in 2013 by major crypto venture capital firm Digital Currency Group, Grayscale’s investment products include the publicly quoted Grayscale Bitcoin Trust (OTCQX: GBTC), Grayscale Ethereum Classic Trust (OTCQX: ETCG), and a diversified product called the Grayscale Digital Large Cap Fund.
On May 1, Grayscale debuted its provocative bitcoin commercial “Drop Gold,” urging investors to invest in Grayscale’s BIT instead of holding to gold, which the firm characterized as an old-fashioned asset that weighs down investors’ portfolio.
