The net assets under management of Grayscale, the world’s largest digital asset manager, are practically equal to those of the world’s largest gold ETF. This is evidenced in the most recent update published on the company’s official Twitter account, where the management of USD 58.2 billion in bitcoin and other cryptocurrencies is reported.
Grayscale is on the hunt for the place currently held by SPDR Gold Shares , an exchange-traded fund (ETF), which tracks the price of gold. On its official website, the ETF reports net assets under management, or as it is known, “assets under management” (AUM) of USD 58.3 billion.
This same week, specifically on Wednesday, November 10, Graysacle managed to briefly surpass SPDR, registering AUM for USD 60.8 billion. Nonetheless, bitcoin and altcoins have had a couple of days of price correction, which led to the decline in the value of company-managed assets by $ 1.6 billion.
As seen in the report published by Grayscale, its bitcoin-based product, which it calls Grayscale Bitcoin Trust (GBTC), is the highest volume with USD 41.3 billion , followed by Ethereum-based (GETH) with USD 14.5 billion under management.
Grayscale, operating as a cryptocurrency asset manager since 2013, recently applied to the Securities and Exchange Commission (SEC) to convert GBTC into an ETF . The company has tried since 2016 to obtain SEC clearance for a BTC exchange-traded fund, to no avail so far. The prospects for approval of an ETF that directly monitors the price of bitcoin, does not seem very favorable, since the SEC has just rejected the request of a CBOE and VanEck to commercialize such a product.
Earlier this week, Grayscale CEO Michael Sonnenshein spoke at the ‘Crypto Goes Mainstream’ event, organized by Yahoo Finance this week, where he said that the debate on the approval of a Bitcoin ETF “was it has become a political issue ”.