Cryptocurrency management firm, Grayscale Investments, has published a groundbreaking financial report for 2020 Q1 – a feat that saw a majority of the firm’s revenue come from institutional investors.
According to an official announcement made by the investment fund firm today, Grayscale investment products raised a massive $503.7 million in Q1 2020, an achievement that saw the firm smash its previous all-time 2019 Q3 record of $254.8 million.
The breakdown of Grayscale’s 2020 Q1 revealed that $160.1 million of the entire revenue was accrued from new investors’ patronage of the firm’s investment products, while the Grayscale Bitcoin Trust and Ethereum Trust accounted for $388.9 million and $110.0 million, respectively.
The firm stated that since its inception, the Q1 2020 financial record is the highest in the company’s record for a single quarter.
In addition, Grayscale, which described this year as “a billion-dollar year,” stated that for the first time, its products crossed the $1 billion thresholds over 12 months – with the firm recording $1.07 billion within the period.
The firm added that the achievement indicates that investors are growing more appetite by the day for cryptocurrency-backed products.
However, Cumulative investment across the entire Grayscale products, which include both crypto and non-cryptocurrency-related products over 12 months, reached a whopping $1.68 billion, the firm added.
More institutional investors in crypto
A shocking revelation about Grayscale’s recent financial report showed that the majority of the company’s inflow for Q1 2020 came from institutional investors.
The firm reported that 88% of the $503.7 million Q1 revenue came from institutional investors, with about 77% investors purchasing Bitcoin (BTC), while 22% were recorded from Ether (ETH) transactions.
Before this time, institutional investors have