{"translations":[{"detected_source_language":"EN","text":"Grayscale cryptocurrency AUM holdings passes $50 billion"},{"detected_source_language":"EN","text":"Grayscale has added more to its cryptocurrency holdings, taking it to a new record amount as it tags a milestone figure."},{"detected_source_language":"EN","text":"
\n\nGrayscale, 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.\n
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MILESTONE: We just reached $50 billion AUM. Yet another reason to #GoGrayscale. pic.twitter.com/Jrk7n6TAOI

\n- Grayscale (@Grayscale) April 14, 2021
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\nWhen 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.\n
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'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

\n- Michael Sonnenshein (@Sonnenshein) April 14, 2021
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As it stands, Grayscale offers cryptocurrency exposure with nearly 660,000 Bitcoin held. This is nearly 3.5% of Bitocin in circulating supply. As a result of the massive holding from the firm, analysts and experts believe that Grayscale holds an enormous influence in the market as a Bitcoin whale. This means that the firm has the capacity to move the market if it makes any significant moves. This is both with Bitcoin and with other cryptocurrencies
Grayscale also handles other digital currencies under its management, including Ethereum, Litecoin, Bitcoin Cash and Ethereum Classic.\n
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The firm briefly suspended adding Bitcoin to its holdings last year but resumed aggressively as the market picked up again. Since then, it has been increasing its cryptocurrency AUM consistently.
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