Digital currency asset manager Grayscale Investments has raised $1.05 billion into its investment products in the third quarter of 2020.
Today marked the release of its Q3 report which details investment activity across the Grayscale family of products.
The $1.05 billion investment marks the largest inflow in a single quarter in the firm’s history, while year-to-date investment into Grayscale products stands at $2.4 billion.
Grayscale’s Bitcoin Trust has attracted the majority of investment, with an influx of $719.3 million in the third quarter of 2020.
The rise in institutional investment into cryptocurrencies in 2020 has been well-known, with the likes of Square recently investing $50 million into Bitcoin while MicroStrategy dived in with more than $250 million.
Impressive quarter for @Grayscale with $1.05 billion being invested into its crypto products.$BTCUSDhttps://t.co/630lRK9XDM
— Oliver Knight (@KnightCoinRivet) October 14, 2020
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However, according to figures from Grayscale, there has also been an appetite for investment across altcoins like Bitcoin Cash and Litecoin, with inflows increasing by more than 1,400% quarter-over-quarter.
The majority of investment continued to come from institutional investors, accounting for 81% of investment in Q3.
The price of Bitcoin and other digital assets have performed well in Q3, with Bitcoin having sured to as high as $12,400 following a flash-crash to $3,850 in March.
Ethereum, meanwhile, has experienced a boost from the rise in popularity in DeFi products, with the second largest cryptocurrency surging from a yearly low of $107 to as high as $478.
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