The asset manager is planning on moving billions of dollars worth of holdings today, and the destination is US crypto wallet and trading platform Coinbase. Should the transfer go off without a hitch, it will mark the largest single-day transfer of cryptocurrency assets ever.
Grayscale Transfers Billions in Cryptocurrency
New York-based Grayscale has announced that Coinbase Custody will serve as custodian on the $3 billion-worth of underlying assets. The entire transfer will take fewer than 12 hours to complete and comprises of Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP), among other major tokens.
The company claims to be the world’s largest Bitcoin and digital currency asset manager. Custodian Coinbase Custody, operates as a standalone, “independently-capitalized business to Coinbase.” It is now tasked with overseeing the transfer.
Also included in the transfer is “Grayscale’s publicly quoted cryptocurrency trusts and its Grayscale Digital Large Cap Fund, which provides exposure to Bitcoin and crypto through a market-cap-weighted portfolio.”
“Investors are constantly looking for new ways to diversify their portfolios as traditional assets and markets have begun to move more closely in sync with one another.”
Earlier in July, the asset manager reported that it had $2.7 billion worth of assets under management. This represents an all-time high for the company and is also three-times more than reported in the previous quarter.