Grayscale closed 2020 with $20B in its grasp. The asset manager has increased its holdings by ten times since the start of 2020.
“Here’s to another 10x in 2021! Happy new year everybody,”
GRayscale CEO Barry Silbert
Most of Grayscale’s funds are in the Grayscale Bitcoin Trust. And Bitcoin’s rising price supported Grayscale hitting $20B by the end of the year. Bitcoin hit a new all-time high on New Year’s Eve of just around $29,000.
One of the most surprising purchases that tipped grayscale on the edge for the New Year was XRP, the coin whose price dropped last month after the US SEC slapped a lawsuit against its creators.
Grayscale’s XRP holdings have increased from 35.65M to 38.88M. And XRP’s price has bumped an extra two cents to $0.23. Marking it an increase of $0.67M.
Currently, the Grayscale Bitcoin Trust trades at a 17% premium, according to data from derivatives market analysis firm bybt. Its Litecoin Trust trades at a 2378% premium.
Grayscale Bitcoin Trust currently trades at a 175 premium, and it’s Litecoin Trust trades at a 2378% premium.
The benefit is that trusts like Grayscale are one of the ways to trade crypto on the stock market, which is very useful for people that want to trade from tax-sheltered accounts. Grayscale’s second-largest trust is Grayscale Ethereum Trust, which has $2.175 billion locked in it.
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