Q4 2018 Highlights2

  • Total Investment into Grayscale Products in Q4 2018: $30.1 million
  • Average Weekly Investment – All Products: $2.3 million
  • Average Weekly Investment – Grayscale Bitcoin Trust: $2.0 million
  • Average Weekly Investment – “Non-Bitcoin” Investment Products3: $0.3 million
total AUM

2018 Highlights4

  • Total Investment into Grayscale Products in 2018: $359.5 million
  • Average Weekly Investment – All Products: $6.9 million
  • Average Weekly Investment – Grayscale Bitcoin Trust: $4.7 million
  • Average Weekly Investment – “Non-Bitcoin” Investment Products5: $2.3 million
  • Majority of investment (66%) has come from institutional investors.

The Takeaway

 

Below average quarter, but strong year. Despite a deceleration of investment quarter-over-quarter, new inflows across Grayscale products reached $30.1 million in Q4, making 2018 a record year for our business. The full year inflows of $359.5 million were nearly 3X those recorded during the 2017 digital asset bull market and nearly 2X the inflows from the previous four years combined (2014-2017), a clear sign that long-term investors remain bullish independent of the recent price action.

Return of the Bitcoin maximalist. Grayscale Bitcoin Trust (f/k/a Bitcoin Investment Trust) stood out this quarter, attracting the most capital within the Grayscale family of products despite further price declines in the digital asset market. In the fourth quarter, 88% of inflows were into Grayscale Bitcoin Trust, while 12% were into products tied to other digital assets.

“Trailing 12-month inflows as a % of Grayscale total AUM” reached the highest level since Q2 2015. New investment dollars deployed into the Grayscale products in 2018 represent approximately 44% of the value of current assets under management (“AUM”). We view high inflows relative to asset prices as a potential fundamental sign of perceived value and future price strength.

Download the full Grayscale Digital Asset Investment Report (Q4 2018) below.

Notes

1 As of December, 31, 2018
2 For the period from September 30, 2018 through December 31, 2018.
3 “Non-Bitcoin” Products include Grayscale Bitcoin Cash Trust, Grayscale Ethereum Trust, Grayscale Ethereum Classic Trust, Grayscale Horizen Trust, Grayscale Litecoin Trust, Grayscale Stellar Lumens Trust, Grayscale XRP Trust, Grayscale Zcash Trust , and Grayscale Digital Large Cap Fund.
4 For the period from December 31, 2017 through December 31, 2018.
5 See footnote 2.
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