DCG’s Grayscale Investments Records Losses Over $400 Million In Latest Crypto Asset Value Plunge

2018-11-23 17:40

The digital asset management firm Grayscale Investments has registered more than $400 million dollars losses in asset value in the last weeks. This is related to the bear market that virtual currencies are experiencing and the hard drop experienced by Bitcoin and other cryptos on November 14 and 19.

In a recent tweet uploaded by the company, they informed investors that the net value of the firm’s Bitcoin Investment Trust went down from $1.275 billion dollars on November 13, to $893.5 million dollars on November 21.

11/21/18 UPDATE: Holdings per share and net assets under management for our investment products

Total AUM: $1.0 billion$BTC $BCH $ETH $ETC $LTC $XRP $ZEC $ZEN pic.twitter.com/uFimoSX9g7

— Grayscale (@GrayscaleInvest) November 21, 2018

However, the worst losses were experienced by Bitcoin Cash (BCH) and Ethereum Classic (ETC). Bitcoin Cash experienced a network upgrade on November 15. There are two different networks currently trying to survive and have a space in the crypto market Bitcoin SV and Bitcoin ABC.

Greyscale has also added around $81.1 million dollars worth of client capital during the third quarter of the year. According to the company, 60% of the capital gathered came from institutional investors. The company has been trying to attract institutional investors with ads on Google and other sites.

During 2018, the company was able to raise $330 million dollars during 2018. This is quite promising considering that the market has been in a bear trend since the beginning of the current year.

During the third quarter, the company had a weekly average for the Bitcoin Investment Trust at $4.5 million dollars. Those investments not related to Bitcoin have also grown at $1.7 million dollars per week.

In the report, the company wrote:

“Despite a slight deceleration in the most recent quarter, new investment into Grayscale products remains strong. Grayscale raised $81.1 million in Q3, bringing our year-to-date inflows to nearly $330 million.”

According to the company, the company had the strongest year-to-year date inflows through September since the inception of their business.

Coming from a strong third quarter, the fourth quarter might not be as positive as the third one. At least, the numbers provided by the company a few days ago, show that the market drop has affected its numbers.

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