Grayscale’s Cryptocurrency AUM Drops to $42 Billion

The latest correction in the cryptocurrency market has caused a massive dip in the total value of Grayscale's digital assets under management (AUM). The company now has $42.2 billion worth of crypto AUM, which is down from $53.1 billion on 13 May 2021.

According to an official announcement by Grayscale on Twitter, the world’s largest cryptocurrency asset manager has nearly $29 billion worth of Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term under management. The company holds a total of approximately 650,000 BTC.

Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term is the second-largest holding of Grayscale as the company has more than $3 million ETH with a total value of over $10 billion. The latest dip in the world’s second-largest cryptocurrency is causing a significant reduction in the overall value of Grayscale’s Ethereum holdings.

Despite the latest dip, Grayscale’s total cryptocurrency AUM has increased substantially since the start of 2021. The US-based digital asset management firm started this year with $20 billion in crypto AUM. The company accelerated its accumulation of Bitcoin and Ethereum during the first quarter of 2021 and crossed the level of $50 billion in cryptocurrency AUM for the first time in April 2021.

Cryptocurrency Holdings

Apart from Bitcoin and Ethereum, Grayscale has several other investment trusts including Bitcoin Cash trust, Ethereum Classic trust and Litecoin trust. The company expanded its cryptocurrency investment management services with the introduction of Basic Attention Token (BAT), Chainlink (LINK), Decentraland (MANA), Filecoin (FIL) and Livepeer (LPT) investment trusts in March 2021. The total value of Grayscale’s Ethereum Classic holdings crossed $1 billion in April 2021 after the cryptocurrency spiked nearly 600% within three months. Furthermore, the asset manager has more than 1.5 million Litecoin (LTC) with a total value of over $400 million.

The overall market cap of digital currencies reached $2.1 trillion on Tuesday. Despite a massive drop in its market dominance, BTC remained above $44,000. Currently, the cryptocurrency has a market cap of more than $840 billion. ETH is currently trading near $3,450 with a market cap of approximately $400 billion.