Grayscale’s Bitcoin Investment Trust (GBTC) was worth less than $1 billion for the very first time in 2018.
This is according to a report from Diar. Grayscale is touted to be the “lone” Bitcoin (BTC) investment trust in the United States.
While the fund’s worth in dollars has diminished, it saw a record number of Bitcoin deposits. GBTC, reportedly “the cryptocurrency’s space largest institutional investment firm” now holds more than 203,000 BTC, which Diar emphasizes is “just over 1 percent of circulating supply.”
The report indicates “record inflows however have resulted in record Bitcoin equivalent holdings with December notching up a little versus the start of the previous month.”
Despite a rise in Grayscale’s Bitcoin holdings, its other cryptocurrency-based financial offerings have yet to find “solid interest.” According to Diar, the assets under management of the eight non-BTC products “sits at a tiny 56.4 million, a notch over 6 percent of the sponsor’s total.” The report also notes that “this [percentage of the total holdings] has in fact now decreased from 8 percent when Grayscale launched its Zen Fund.”
GBTC shares have been on a downward trend since the Bitcoin price increase in late 2017. The value of Grayscale’s shares dipped by 80 percent between the $20,000 high in December 2017 and October 2018.
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