The company amassed $607.70 million after raising $225 million in the earlier quarter, signaling a likely bullish market.
Institutional investors contributed to 71% of the year’s inflow. Michael Sonnenshein, managing director of Grayscale had the following to say recording the recording investments:
“We saw record-breaking investment into Grayscale’s family of products, illustrating continued demand from investors for digital currency access products and with a majority of investment coming from institutions, it’s clear that we’re experiencing institutional adoption.”
Prevailing customers invested 75% of capital raised. Notably, multiple products are offered by Grayscale customers. The company’s customer base grew by 24%.
Grayscale Bitcoin Trust, on the whole received investments to the tune of $471.70 million, out of which $193.80 million was received in the final quarter of 2019.
The total investment received in 2019 is itself a new record for the company.
Hinting a change of stance among conventional institutions, Marissa Arnold, communications director said “As the largest digital currency asset manager, we feel that our numbers are indicative of broader market sentiment and institutional flows into digital currency.”
Millennial investors are feeling comfortable about investing in Bitcoin (BTC) and other cryptos, partially because of slight bullishness seen in the numero uno cryptocurrency.
Projecting the larger crypto market, Arnold added:
“The asset class is experiencing increased validation from legacy companies like Fidelity and CME, signaling to institutions and the investment community as a whole that crypto as an asset class is here to stay.”