Q3 2019 Investment Highlights2

  • Total Investment into Grayscale Products: $254.9 million
  • Average Weekly Investment – All Products: $19.6 million
  • Average Weekly Investment – Grayscale Bitcoin Trust: $13.2 million3
  • Average Weekly Investment – Grayscale Products ex Bitcoin Trust4: $6.4 million
  • Majority of investment (84%) came from institutional investors, dominated by hedge funds.

YTD 2019 Highlights5

  • Total Investment into Grayscale Products: $382.3 million
  • Average Weekly Investment – All Products: $9.8 million
  • Average Weekly Investment – Grayscale Bitcoin Trust: $7.1 million6
  • Average Weekly Investment – Grayscale Products ex Bitcoin Trust7: $2.7 million
  • Majority of investment (83%) came from institutional investors, dominated by hedge funds.

Trailing 12-Month Highlights8

  • Total Investment into Grayscale Products: $412.3 million
  • Average Weekly Investment – All Products: $7.9 million
  • Average Weekly Investment – Grayscale Bitcoin Trust: $5.9 million9
  • Average Weekly Investment – Grayscale Products ex Bitcoin Trust10: $2.1 million
  • Majority of investment (80%) came from institutional investors, dominated by hedge funds.

The Takeaway

Quarter billion-dollar inflows ($254.9 million) mark strongest demand for Grayscale products since firm inception: Inflows tripled quarter-over-quarter, from $84.8 to $254.9 million, despite recent declines in digital asset market prices.

Grayscale Bitcoin Trust saw $171.7 million in inflows: In 3Q19, we saw the heaviest quarterly inflows to Grayscale Bitcoin Trust in the product’s six-year history, including nearly $75 million in a single day. July inflows also reached the highest level we’ve seen in a single month, well above the previous high of $64.7 million raised in December 2017.

Inflows to Grayscale Ethereum Trust and Grayscale Ethereum Classic Trust top $100 million for 2019: We’ve now seen $104.4 million flow into Grayscale Products ex Bitcoin Trust this year, led by Grayscale Ethereum Trust ($77 million) and Grayscale Ethereum Classic Trust ($24.9 million). Additionally, Grayscale Products ex Bitcoin Trust saw inflows during each week of 3Q19.

“In-kind” share creations continue to dominate inflows: Nearly 80% of inflows in 3Q19 were associated with contributions of digital assets into the Grayscale family of products “in-kind” in exchange for shares, an acceleration of the recent trend, up from 71% in 2Q19.

Download the full Grayscale Digital Asset Investment Report (Q3 2019) below.

1. As of September 30, 2019.
2. For the period from July 1, 2019 through September 30, 2019.
3. Grayscale Bitcoin Trust was open to new investment from July 8, 2019 through July 22, 2019 but was otherwise closed in 3Q19.
4. “Grayscale Products ex Bitcoin Trust” 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.
5. For the period from January 1, 2019 through September 30, 2019.
6. Grayscale Bitcoin Trust has been periodically closed to new investment in 2019.
7. See footnote 4.
8. For the period from October 1, 2018 through September 30, 2019.
9. See footnote 6.
10. See footnote 4.