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Grayscale saw its assets under management skyrocket as Wall Street used it as a proxy to invest in bitcoin.
The New York-based investment firm kicked off last year with $2 billion in assets and ended with more than $20.2 billion. That 900% increase was driven by demand from institutional investors such as hedge funds, endowments and pension funds, the company said in a quarterly report Thursday.
Grayscale’s Bitcoin Trust became a popular, publicly traded way for investors to get exposure to cryptocurrency without owning the coins themselves. The investment product ballooned from $1.8 billion to $17.5 billion in assets year over year.
“We saw a…