The new CEO of the prominent digital asset managing firm Grayscale Investments, Michael Sonnenshein, stated this past Thursday that pension funds, alongside many other institutional investors, are now starting to warm up on cryptocurrencies – primarily the surging Bitcoin (BTC).
As per Sonnenshein, Grayscale’s family of funds has recently observed heightened participation and interest from not only the hedge fund sector but also other forms of institutions, endowments, and pensions. On top of that, Sonnenshein adds that their allocation sizes have rapidly grown in parallel to the Bitcoin market price’s ongoing rise.
Notably, BTC’s market price value finally hit the illustrious $40K mark just earlier today.
Receiving this kind of news from Grayscale isn’t really all that surprising considering that the firm has seemingly been hyperactive towards the recent BTC buying spree, which basically puts it at the center of it all. In fact, Grayscale now holds about 3% of the total BTC circulating today, with more expected to enter considering the heightened interest for the crypto within the institutional investment sector.
Grayscale confirmed this Thursday as well via tweet that it now presently holds over $27.5 billion in assets amidst its decision to reduce its management costs for the Digital Large Cap Fund by .5% – now only 2.5%. Lastly, the firm notes that the fund mentioned now has more than $339 million in assets, which, again, is expected to grow even more.