Despite the long-existing presence of the bear in the Bitcoin market this year, the crypto investment company, Grayscale, has reportedly raised about a dozen times the funds than it did last year. In a report by Grayscale published Thursday, it was stated that the firm had scooped a whopping $329.5 million in 2018, even with the bear ruling the cryptocurrency market for the majority of the year.
In the same report, the company also provided figures for the third quarter of 2018. It stated that it gathered funds worth $81.1 million in Q3, whereas the average weekly investment in all products at Grayscale was recorded at $6.2 million. Furthermore, on an average, the weekly investment for Bitcoin alone was $4.5 million, the report mentioned.
According to Coin Live, the digital gold of the cryptocurrency market has slumped by more than 60% since its all-time high. All the other altcoins also dunked by around 90% from their highest value till date. Michael Sonnenshein, who is the Managing Director of Grayscale Investment, made a statement, saying:
“Bitcoin prices doing nothing but going down the entire year has not deterred our existing clients from putting more capital to work. Asset inflows are really strong despite these price declines.”
Concluding the report, Grayscale stated that Bitcoin was the most dominant investment and made the most contribution to the funds earned by the firm. More so, it conveyed that 73% of capital inflow went into the Bitcoin Investment Trust whereas only 27% of investment in Grayscale products were allocated by other virtual assets.
The report also mentioned XRP Investment Trust as another hero that boosted the returns of the company in Q3. In the words of Grayscale:
“Bitcoin Investment Trust and XRP Investment Trust are bucking the trend on a possible reversal, generating the first positive quarterly returns for Grayscale products in 2018.”
XRP has also become the highlighted digital asset of 2018 as Ripple, the leading blockchain remittance firm at the moment, introduced several products and illuminated the approach on the future of FinTech.
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