The crypto market is currently being flooded with institutional investment funds like we, or anyone, have ever seen before.
"Grayscale had our largest fundraising week EVER… $217 million invested into the Grayscale funds" the firms CEO Barry Silbert announced last Wednesday.
The record breaking fundraising follows their first agressive TV marketing campaign with a commercial in heavy rotation on US news networks NBC, MSNBC, FOX, and FOX Business.
Our new commercial debuts TODAY... Trust us: AUDIO ON! #GoGrayscale pic.twitter.com/hPhUgp7HiY— Grayscale (@Grayscale) August 10, 2020
This puts Grayscale at a massive $5.6 Billion in the crypto market, with 10 different trusts open for investment.
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| Grayscale's Trusts under management. |
Surprise: Grayscale's $217 million wasn't even the week's largest investment...
Business intelligence software company MicroStrategy topped that number alone, making an investment of $250 million in to Bitcoin.
"This investment reflects our belief that Bitcoin, as the most widely adopted cryptocurrency, is a trusted store of value with greater potential for long-term appreciation than cash." says Michael Saylor , CEO of MicroStrategy.
Also noteworthy - the Starbucks/Microsoft/NYSE crypto venture, Bakkt...
Bakkt, finished July with all-time highs as the futures platform reported 11,506 settled contracts on the 28th, and 11,706 on the 29th. Total liquidated value exceeding $125 million dollars.
Sentiment behind the numbers...
A survey conducted by Fidelity (another major investment firm now getting in to crypto) is our best look at the mindset of institutional investors - and in short, it says they either have cryptocurrencies in their portfolio, or want some.
27% in the U.S. and 45% in Europe said they're already invested in crypto.
...With a massive 91% saying they're open to it!
That survey was conducted in June, so what are we seeing here? Those big investors who said they were interested, are now making it happen.
Given the short time frame we're looking at, i'd be surprised if the current market includes more than 50% of that 91%.
In other words - there's still a LOT of money on the sidelines ready to pour in. It's what firms like Grayscale and companies like Bakkt and MicroStrategy are betting on.
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Author: Ross Davis
E-Mail: Ross@GlobalCryptoPress.com Twitter:@RossFM
San Francisco News Desk
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