In a sign of growing interest in cryptocurrency from institutional investors, Grayscale Investments announced today that it attracted more than $600 million into its investments products last year.
That’s more than the totals for the company from 2013 through 2018 combined, according to the firm. And approximately 71 percent of last year’s record-breaking figures came from institutional investors, Grayscale said in a statement.
Among Grayscale’s leading investment products is its Bitcoin Trust, which garnered more than $470 million in 2019—$193 million of which was accumulated in the fourth quarter alone. The Bitcoin Trust also earns a weekly investment average of over $9 million.
In addition, Grayscale boosted its clientele by nearly 25 percent last year, while approximately 36 percent of its customers are invested in multiple Grayscale products, according to the company’s own figures.
And while there is lingering doubt as to whether institutional investors will ever fully jump on board the crypto bandwagon, major players in the world of finance have shown interest as of late.
One such company is Fidelity, which first opened its cryptocurrency division in early 2019. Known as Fidelity Digital Assets, the enterprise announced its expansion into Europe last December, and just days ago forged its first partnership in the region. Fidelity will act as custodian for all bitcoin funds held by Nickel Digital Asset Management in London.