Meanwhile, funds that trusted oil and gas, suffered losses. In particular, the Direxion Daily S&P Oil&Gas E&P 2X ETF lost 97.3% this year. The Direxion Daily Junior Gold Miners Bear 2X ETF plunged 95.5% in 2020.
$160.1 million of the $503.7 million raised during the first quarter of 2020 is the inflow from new investors. According to Grayscale, the source of 88% of the funds came from hedge funds and other institutional investments.
Coinbase Custody will serve as the custodian for Grayscale’s single-asset investment products including digital currencies and publicly listed funds such as Grayscale Bitcoin Trust, Grayscale Ethereum Trust, and Grayscale Ethereum Classic Trust.
Just recently, Grayscale investments reported a record all-time high volume of assets under management. Grayscale’s assets under management now is worth approximately $2.7 billion.
Grayscale has launched a new pro-bitcoin TV ad campaign urging investors to shun gold from their portfolio and replace it with bitcoin to avoid the debt cycle and hyperinflation challenges.
Grayscale, the company that launched Bitcoin Investment Trust, launches new ‘Digital Large Cap Fund’. The Fund is tied to 5 top cryptocurrencies. Each digital asset will be evaluated, less the fund’s expenses and other liabilities.