Grayscale cryptocurrency funds rake in $217M investments in one week
Grayscale's recently launched cryptocurrency TV ad campaign is a huge success.
Mon, 17 Aug 2020, 09:09 am UTC
Grayscale Investment’s crypto funds are selling like hotcakes following the release of its new TV commercial campaign. The investment firm already raked in massive $217 million of investments just a week after the highly successful ad started airing.
Just one week after Grayscale launched its cryptocurrency TV commercial, the company said that it reached its highest weekly investment inflows. Investors snapped up its crypto funds amounting to $217 million after its TV campaign entitled “The history of money” released on August 10, according to Bitcoin.com.
“Thrilled to share that Grayscale had our largest fundraising week ever … $217 million invested into the Grayscale funds. Guess you liked the commercial,” Grayscale CEO Barry Silbert tweeted.
Prior to the ad’s launch, Silbert said that the company plans to introduce its crypto funds to the mass market via the commercial. “We’re going to bring crypto to the masses,” the Grayscale CEO before its ad campaign kicked off on FOX Business, FOX, CNBC, and MSNBC.
Grayscale’s Bitcoin fund is the most popular product among the firm’s lineup of investment products. Of the $217 million that the company received, $195 million went to the Bitcoin fund (GBTC), according to Crypto-news-flash.com.
Grayscale offers 10 different cryptocurrency investment products. As of August 14, 2020, the total worth of the company’s net assets under management (AUM) is $5.9 billion. Bitcoin Trust (GBTC) accounts for a huge slice of the pie with $4.88 billion in AUM for the product.
It appears that the race between crypto firms to get new investors has now spilled into mainstream media such as television and newspaper. In fact, Grayscale is not the only company that placed an ad on a mainstream media platform.
For instance, Galaxy Digital recently placed a full-page ad on the newspaper Financial Times. “Now is the time to invest in bitcoin. In uncertain times, bitcoin is a hedge independent of the hegemony,” Galaxy Digital’s ad reads.
Galaxy Digital’s CEO, Michael Novogratz is known as being bullish on BTC. He even predicted that the token’s price might replicate 2017’s success story and reach $20,000 by the end of 2020.
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