Grayscale’s $13B portfolio is mostly Bitcoin

Grayscale’s crypto portfolio is now worth $13 billion, up from $10 billion in November.

What’d you call me? Grayscale is the world’s largest crypto fund, owned by Barry Silbert’s holding company Digital Currency Group.

Grayscale divides its holdings into Trusts, which trade on select stock exchanges (OTC). Shares in the Trusts give exposure to crypto price movements without the hassles of handling the assets directly.

Mostly Bitcoin. BTC makes up more than 80% of Grayscale’s crypto portfolio ($10.8 billion), while Ethereum plays second best with 16% ($1.7 billion).

Litecoin, Ethereum Classic, Bitcoin Cash, Ripple, ZCash, Zen, and Stellar Lumens make up the remainder.

More like Graywhale. In 2014, Grayscale’s Bitcoin Trust (GBTC) held around 134,000 BTC ($43 million then, $2.76 billion today). 

GBTC has added around 400,000 BTC ($8.24 billion) since then, inadvertently collecting roughly 3% of all BTC in circulation.

How’s that working out? Gauging the success of each Grayscale Trust depends on your horizon.

GBTC is up more than 200% this year, driven by BTC’s similar return over the same period — Grayscale’s Litecoin Trust is down 62% since it launched in 2018.

Each Trust’s share price is also influenced by demand. Take Ethereum Classic: Grayscale’s ETC Trust has risen just 26%, while the underlying asset is up 36%. 

Still, there’s no doubt BTC has paid off big time: Grayscale says GBTC has returned 13,000% in the past six years.