The America-based digital currency fund manager, Grayscale, resumes accepting new investments for (almost) all their cryptocurrency. They previously paused all incoming investments for all three of their digital currencies during the latter part of December 2020.
Their products, namely the Grayscale Bitcoin Trust and Grayscale Digital Large Cap Fund Trust are all available for investment, however, their Grayscale Ethereum Trust is still unavailable for investment currently. Another product, the Grayscale XRP Trust is also unavailable, and will most likely remain so. Following the United States Securities and Exchange Commission’s major lawsuit against Ripple, Grayscale quickly liquidated all of its holdings of the assets as a reaction.
The fund manager is known to halt and resume investment flows into its funds, and during the period of closure, the funds remain open for private placement funds. All investors into Grayscale’s crypto trusts are also imposed a six-month lock-up period for their brand new shares, after this, they are given the freedom to sell their shares on the open market to non-accredited investors.
Grayscale has, as of January 11 2021, become the world’s largest cryptocurrency asset manager with over $24.5 billion assets under management across all of its various crypto funds. Grayscale’s purchases of Bitcoin was faster than the minting of new coins almost three times faster.
Bitcoin by itself is closing up to 10% this week, trading with a total of $35,833 as of writing this. The six-month lock-up period will begin again due to new investments being reopened, analysts predict that when this period draws to a close, the Bitcoin spot market will be driven higher due to shares in Grayscale’s GBTC hitting the open market.