ZB Academy：Grayscale fund raised more than $700 million in a single day
Michael Sonnenshein, the chief executive of Grayscale Investments, a digital asset management company, tweeted that the company had raised more than $700 million on January 15 because of the good upward momentum in the fourth quarter. Completed the largest single-day asset raising in history.
In the fourth quarter of 2020, the company raised $3.3 billion through its cryptocurrency investment tools, setting a record for digital asset management companies, further demonstrating the institutional foundation of this rebound. The company’s most popular product, Grayscale Bitcoin Trust, topped the list in the fourth quarter, raising an average of $217 million per week. Grayscale’s latest data shows that as of January 15, the company’s funds under management reached a record $27.1 billion. In early 2020, its revenue was only $2 billion. Eric Balchunas, a senior ETF analyst at Bloomberg, likened Grayscale to an ARK investment company in the cryptocurrency field on Twitter. He believes that Grayscale and ARK have many similarities in challenging trends and attracting more and more interest. He said in a tweet that the similarities between the two companies are striking. He believes that these two companies have been forgotten for three to four years, and the market value of the two companies was the same as $2 billion 12 months ago, and then they soared 10 times. Both of these challenge the trend: both ARK’s w stock and Grayscale’s w stock are very expensive, with a premium of more than 20%.
As of press time, according to ZB.com’s official market data, Bitcoin is now reported to be $36787, a 24-hour increase of 2.86%, and the 24-hour price range is $34774 to $37500.
Recently, institutional investor MIM (MetLife Investment Management) released a new macro strategy primer, outlining the emerging role of blockchain-based assets. This primer specifically discusses the role of central bank digital currency (CBDC). The investment giant pointed out that since key technical issues have not yet been resolved, a real CBDC rollout in Western countries seems unlikely to happen soon. The document reads: “Just as the visions of cryptocurrency developers are often too lofty, CBDC is currently the same.”
SEC (U.S. Securities and Exchange Commission) personnel changes have also recently settled. On Monday, the next president-elect of the United States, Joe Biden, appointed Gary Gensler as the chairman of the SEC. This person was the former chairman of CFTC (Commodity Futures Trading Commission) and a Wall Street veteran who has conducted in-depth research on the cryptocurrency field. Gensler has previously publicly criticized Libra, a cryptocurrency project led by the well-known American company Facebook, which has been renamed Diem. As a result, it is still unknown what kind of attitude this person has towards cryptocurrencies.
Economist and former Canadian Prime Minister Stephen Harper recently expressed his opinion that Bitcoin may be regarded as a reserve currency, but it will not replace the international role of the US dollar. Harper said in an interview with Cambridge University House of Representatives economist Jay Martin on Sunday that although the U.S. dollar has been on a downward trend, even if the euro and the yuan are taken into consideration, there is no viable international alternative. He believes that unless the dollar becomes a disaster, it will be difficult to see an alternative to the dollar as the world’s main reserve currency. But it is undeniable that the means for people to store value will continue to increase, including Bitcoin, but the US dollar is still the majority of them.
About ZB Group
ZB Group was founded in 2012 with the goal of providing leadership to the blockchain development space and today manages a network that includes digital assets exchanges, wallets, capital ventures, research institutes, and media. The Group’s flagship platform is ZB.com, the industry leading digital asset exchange. The platform launched in early 2013 and boasts one of the world’s largest trading communities.
ZB Group also includes ZBG the innovative crypto trading platform, and BW.com, the world’s first mining-pool based exchange. Other holdings include wallet leader BitBank.
Industry intelligence and standards are headed by the recently launched ZB Nexus who embody the core values of ZB Group and open-source their reports and analysis for the public.
Learn more about ZB Group by visiting www.zb.com