Cryptocurrency asset manager Grayscale Invest has revealed inflows of $600 million last year, exceeding the cumulative amount if saw from 2013 through 2018.

In total, Grayscale’s products have seen investors pour in a total of $1.17 billion. Its Grayscale Bitcoin Trust (GBTC) product, which allows investors to gain exposure to bitcoin without managing any private keys, saw $193.8 million be invested in it in Q4 2019.

According to Grayscale’s “2019 Digital Asset Investment Report,” $147 million of the total investment from last year came from new clients, meaning 24% of the funds came from new investors. Of all of its clients, 36% are reportedly allocating to more than one of its products, diversifying their crypto portfolios.

Notably, institutions like hedge funds made up 71% of Grayscale’s investors last year, up from 66% in 2018. According to Forbes Michael Sonnenshein, at the sidelines of a crypto conference in Switzerland, stated:

If the persistent question is ‘where are the institutions investors in crypto?’ the answer is that they’re here and showing up in a meaningful size.

Sonnenshein added that the data is part of a longer-term trend that we have “no reason to believe won’t be sustained into 2020.” Last year, as CryptoGlobe reported, Grayscale launched an ad campaign telling investors to drop gold and buy bitcoin, which is often seen as an equivalent to digital gold.

Grayscale’s report on its record-breaking year comes shortly after another report revealed the Grayscale Bitcoin Trust is one of the top 10 equity holdings of millennials, coming in at fourth place with 1.84%, behind only Tesla, Apple, and Amazon. The report showed millennials prefer to invest in GBTC over Berkshire Hathaway, Netflix, Microsoft, and Alibaba.

Other generations did not include any bitcoin-related products in their top 10 holdings, showing millennials are more open to cryptocurrencies while other generations still prefer the stocks of Apple, Amazon, and Berkshire Hathaway.

Featured image by Hunters Race on Unsplash.