Along with the milestone for Grayscale funds AUM, the firm passes SPDR Gold Shares (GLD), the world’s largest gold ETF.
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Digital Currency Group founder and CEO Barry Silbert; Blockworks exclusive art by axel Rangel
key takeaways
- The flagship Grayscale Bitcoin Trust (GBTC) now has $43.5 billion in AUM
- The GLD ETF has assets under management of roughly $57 billion
Digital Currency Group’s Grayscale Investments announced Wednesday that the firm’s total assets under management exceeded $60 billion for the first time, eclipsing the AUM for the world’s largest gold ETF, the SPDR Gold Shares, which had $57.3 billion as of November 9.
DCG founder and CEO Barry Silbert shared the news on Twitter:
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While Grayscale maintains positions in dozens of assets across its 15 funds, over 97% are concentrated in just two funds: The Bitcoin Trust (GBTC) at 72% and the Ethereum Trust (ETHE) at 25%. The firm plans to convert GBTC into a spot ETF, although the SEC has yet to greenlight any spot bitcoin ETFs to date.
In the wake of bitcoin futures ETF launches by ProShares and Valkyrie, with more on the way, Grayscale is also seeking to launch an equity ETF to provide digital asset exposure through conventional shares of publicly traded companies.
Grayscale CEO Michael Sonnenshein told CNN that GBTC holds greater than 3% of all bitcoins in existence, and is confident that a conversion to an ETF will be approved:
“When we do see that approval — because it will be a when not and if — we do think it will draw in more investors and more capital into the ecosystem.”
Digital Currency Group maintains a vast portfolio of web3 companies, and recently raised a $700 million investment round, valuing the enterprise at $10 billion.
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