Wall Street’s interest in the Bitcoin and cryptocurrency markets is booming, according to the digital asset manager Grayscale.
The firm says 2019 was its biggest year on record, with the yearly investment into its products reaching $607.7 million.
That number surpasses the cumulative investment from the last five years combined. The total investment across Grayscale’s products now stands at $1.17 billion.
Grayscale says its investor base expanded by about 24% in 2019, with new clients accounting for $146.9 million.
The firm offers exposure to Bitcoin through its flagship product, the Grayscale Bitcoin Trust (GBTC). It also offers altcoin trusts, including Ethereum, XRP, Bitcoin Cash, Litecoin, Stellar, Zcash, Ethereum Classic and Horizen.
Grayscale says 36% of clients now have allocations to multiple products, with the remaining 64% invested in a single product.
A recent report from Charles Schwab found that Grayscale Bitcoin Trust is the fifth most-held equity holding by its millennial investors, ahead of Disney and Netflix.
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The post Investors Pumped $608 Million Into Bitcoin (BTC) and Cryptocurrency Funds in Record Year, Says Hedge Fund Giant Grayscale appeared first on The Daily Hodl .