Grayscale Investments announced that its product inflows for the first quarter of 2019 saw a 42% grow. The news was revealed in a recent financial report released by the company.
Bullish on BTC
The US digital asset manager was particularly bullish on cryptocurrency bitcoin (BTC). It reported that a large number of investments made in the Quarter One were made in Bitcoin Investment Trust (BIT).
As per the financial report, the Grayscale BTC Trust was able to secure $3.2 million in weekly investments. That was the weekly average out of the whole weekly investment that averaged around $3.3 million. Because of this, the non-BTC investment products came into less than $0.1 million.
Other Crypto Trusts
Grayscale enumerated its non-bitcoin investments to include products like the Grayscale XRP Trust, the Grayscale Ethereum Trust, the Bitcoin Cash Trust, etc.
Total investments generated by Grayscale Product rose to $42.7 million in the first quarter of the year. This was a massive leap from the $30.1 million made in the fourth quarter of 2018. 73 percent of the investors in the just-concluded quarter were allegedly represented by institutional investors.
Grayscale also confirmed that hedge fund investments also rose significantly from the $1 million from 2018’s fourth quarter to about $24 million in 2019’s first quarter.
Grayscale Investments was founded in 2013 by Digital Currency Group, one of the biggest venture capital firm dealing with crypto tech. The digital asset company carries products like the Grayscale Ethereum Classic Trust, Grayscale Bitcoin Trust, and the Grayscale Digital Large Cap Fund. The latter is considered a diversified product.