Grayscale, the massive US asset management firm, has broken its previous record for assets under management, surpassing $50 billion USD in cryptocurrency. As it tags this new all-time high, the firm gets closer to the point of the largest commodity ETF at $57 billion USD holdings.

When regulations enable the legalities behind it, the firm has the intention to convert the AUM holdings into an ETF. If the regulations had been approved, it would make Grayscale the second-largest commodity ETF following SPDR Gold Shares. GLD is a gold ETF with listings on exchanges in countries like the United States, Mexico, Singapore, Japan and Hong Kong. Grayscale’s CEO Michael Sonnenshein predicts that Grayscale Bitcoin Fund will overpass the gold-backed funds by market cap within a few month’s time.