Grayscale, a “trusted authority” on investments that focuses on providing “secure access” and “diversified exposure” to crypto assets, has seen the value of the cryptos under its management drop nearly $400 million over of the recent cryptocurrency market sell-off that saw bitcoin drop below $5,000 for the first time since October 2017.

According to a recent portfolio update shared on social media, the Digital Currency Group (DCG) subsidiary revealed the net value of its Bitcoin Investment Trust dropped from $1.276 billion to $893 million after the sell-off.

Similarly, the firm’s other products have seen their net value plummet. Grayscale’s Bitcoin Cash Investment Trust, since the beginning of the month, dropped from $6.5 million to $3.6 million, while its Ethereum Investment Trust dropped from $8.8 million to $5.8 million.

One of the most notable declines is that of the Ethereum Classic Investment Trust, which went from $42.5 million to $26.1 million, a nearly 40% drop in little over 20 days. Despite the drop, the firm has been securing additional capital throughout the bear market.

As CryptoGlobe covered, Grayscale’s Q3 digital asset investment report revealed it raised $329.5 million so far this year in order to develop its products, with the majority of the funds coming from institutional clients.

Its quarterly report showed that institutional interest in cryptoassets is strong and growing. The firm’s report noted that in Q3 – from July to September – it raised about $81 million, with 70% of those funds coming from institutional investors.

The firm launches its crypto investment funds for investors, and manages them for a fee. These allow investors to invest in their underlying cryptocurrency markets, without having to worry about owning or securing their own cryptocurrencies.

One of the last investment funds Grayscale launched was based on Horizen – formerly known as ZenCash (ZEN) – a privacy-centric cryptocurrency that, just like Zcash (ZEC) uses “zero knowledge proofs” that let users reveal a transaction has occurred, without adding any additional information.

Grayscale’s ZEN Investment Trust currently has $2.7 million worth of net assets, down from $5.1 million at the beginning of this month.