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.
MILESTONE: We just reached $50 billion AUM. Yet another reason to #GoGrayscale. pic.twitter.com/Jrk7n6TAOI
— Grayscale (@Grayscale) April 14, 2021
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.
‘We believe gold symbolizes the diminishing potential for sustained commodity-price advances, notably vs #Bitcoin. Assets in @Grayscale‘s $GBTC, the dominant on-exchange vehicle, are set to pass funds in the leading gold-ETF tracker $GLD in a few months’@mikemcglone11 @JSeyff pic.twitter.com/YQwA6M5WFm
— Michael Sonnenshein (@Sonnenshein) April 14, 2021