Huobi’s Grayscale Rival in Asia Sees 21% Surge with 5 Crypto Trusts Running

Huobi’s Grayscale Rival in Asia Sees 21% Surge with 5 Crypto Trusts Running

According to the Chinese crypto blogger and journalist Colin Wu, a subsidiary of Huobi – Huobi Tech – sees a rise of its share price by 21 percent today, aiming to become the largest crypto custody company in Asia – a local rival of Grayscale.

Wu does not name the company directly but the most likely company he meant is Huobi Tech’s Huobi Trust Hong Kong.

Huobi Tech shares soar 21%

Journalist Colin Wu has tweeted that today the share price of Huobi’s Hong Kong-listed Huobi Technology Holdings Limited (Huobi Tech) grew 21 percent.

Huobi’s Hong Kong-listed company’s share price rose 21% today. It aims to become a grayscale in Asia and has already issued 5 funds.— Wu Blockchain (@WuBlockchain) October 6, 2021

Press-release published about two weeks ago says that the company intends to become the flagship platform for virtual asset services and was working on its crypto trust and custodian business. The services will be provided by Huobi Trust Hong Kong and Huobi Trust US.

Huobi Trust Hong Kong holds over $1 billion in crypto

Huobi Trust Hong Kong will provide regulation-compliant crypto custody services to Asian investors. In late August, the company held over $1 billion in digital assets.

Huobi Trust Hong Kong was registered in HK on April 29 this year, gaining the necessary licenses from the local regulators.

Colin Wu tweeted that by now the company has five cryptocurrency trusts running and it intends to become a Grayscale rival in Asia.

Besides, now that Huobi exchange is withdrawing from mainland China and drops all of its customers in the region, Wu believes that its regulatory compliant business in Hong Kong may gain more attention.

Grayscale holds $44.8 billion in crypto

According to the tweet published by Grayscale on October 5, the Barry Silbert-affiliated asset management company holds a whopping $44.8 billion worth of cryptocurrencies.

The company offers investors exposure to crypto assets via thirteen cryptocurrency trusts. It also runs a DeFi Fund and a Digital Large Cap Fund.

10/05/21 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.Total AUM: $44.8 billion$BTC $BAT $BCH $LINK $MANA $ETH $ETC $FIL $ZEN $LTC $LPT $XLM $ZEC $UNI $AAVE $COMP $CRV $MKR $SUSHI $SNX $YFI $UMA $BNT $ADA $SOL— Grayscale (@Grayscale) October 5, 2021

Among investors of Grayscale trusts in Cathie Woods’ ARK and banking giant Morgan Stanley. As reported by U.Today earlier, the banking conglomerate has increased its stake in Grayscale Bitcoin Trust (the company’s leading product) by purchasing another 28,289 GBTC in late June.

Overall, Morgan Stanley Europe Opportunity Fund holds 58,116 GBTC shares worth $2.018 million – data as of July 31.