Grayscale To Conduct $3 Billion Crypto Transfer To Coinbase (#GotBitcoin?)
Today, digital asset management fund Grayscale Investments will transfer nearly $3 billion worth in cryptocurrency holdings to American major crypto wallet provider and exchange exchange Coinbase. Grayscale To Conduct $3 Billion Crypto Transfer To Coinbase (#GotBitcoin?)
Largest Single Crypto Transfer?
As Forbes reported on Aug. 2, Grayscale is going to move almost $3 billion worth of its digital currency holdings, including Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Litecoin (LTC), and Ripple (XRP), among some other tokens, to Coinbase, wherein Coinbase Custody will serve as custodian of the underlying assets for the company’s products.
Together with its cryptocurrency holdings, Grayscale will transfer its publicly quoted cryptocurrency trusts and its Grayscale Digital Large Cap Fund to Coinbase. The transfer will thus apparently be one of the largest single day transfers of crypto assets ever conducted.
Commenting on the deal, Sam McIngvale, Coinbase Custody chief executive, said:
“As a NY State-chartered trust company, Coinbase Custody is held to the same fiduciary standards as national banks. We also offer some of the broadest and deepest insurance coverage in the crypto industry.”
Hitting New Records
In mid-July, Grayscale recorded an all-time high volume of assets under management of $2.7 billion. In such a way, the figure marked a near tripling of assets under management by the company since the preceding quarter.
As previously reported, Grayscale Investments’ Bitcoin Trust was up almost 300% on the year as of July 9. At the time, the trust was yielding a 296% year-to-date appreciation — a stratospheric increase as compared to mainstream investments reflected in the S&P 500 (18.7%) and Global Dow (12.9%) over the same time period.
Coinbase Custody revealed in June that it held $1.3 billion in assets under custody and the firm expected to hit $2 billion AUC soon.
Grayscale: Institutional Interest In Crypto Doubles In Q2 A senior executive at cryptocurrency asset management giant Grayscale has stated that institutional investors are constantly piling into the space in 2019.
Grayscale says institutions were always active
Speaking in an interview with news outlet The Block on Oct. 8, the company’s director of sales and business development Rayhaneh Sharif-Askary said that business had been consistent while growing throughout this year.
Q2 alone saw $85 million come from investors — twice as much as in Q1 — with institutional investors contributing more than 80% in total. Sharif-Askary explained:
“You know, it’s really funny, I get asked this a lot – there’s this rhetoric in the media about when are institutional investors going to get involved, when are they going to start investing, and it’s so funny because it’s ironic. We see institutional investors invest with us all the time and that’s been the case for a long time now.”
Investors Are Comfortable With Altcoins Again
These comments contrast with the general industry sentiment on institutional interest since trading platform Bakkt’s disappointing launch in September.
Since then, many have assumed that institutions will be deterred from Bitcoin (BTC) for the time being as various data sources highlighted that publicity around institutional involvement is hitting lows in recent weeks.
Sharif-Askary meanwhile noted that investment activity disregards price suppression. In Q2, around 25% of total inflows targeted altcoins, she revealed, adding that it was “great to see that diversification” across different assets.
Grayscale currently offers trusts for nine cryptocurrencies, including Ether (ETH), Bitcoin Cash (BCH) and Litecoin (LTC) in addition to Bitcoin itself.
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