Asset management firm, Grayscale, has exceeded $50 billion in cryptocurrency holdings for the first time. The asset manager is set to break the record of the largest commodity ETF which stands at a valuation of $57 billion.

The largest exchange-trade fund GLD, which is physically backed by gold has listing on many major stock markets. GLD is a safe haven investment for investors throughout the world because of its safety and almost zero volatility. But the rise of cryptocurrencies has led to the consideration of cryptocurrencies replacing gold. GLD has nearly stagnant yields and by the principle of the stock market, the high risk of cryptocurrencies is equal to high rewards.

Grayscale has plans to convert into ETF if the SEC regulations allow. Grayscale would have been the second largest ETF, if approved, currently and close to become the largest. The CEO of Grayscale Michael Sonnenshein believes Grayscale will top GLD soon.

The asset manager is holding approximately 3.5% of the total BTC circulating supply – around 660,000 Bitcoin tokens. Grayscale’s assets under management range from Bitcoin to lesser known coins. It also has a hefty holding of $7.4 billion ETH in its Ethereum trust funds. The firm has a total of ten crypto trust funds with a total valuation of $50 billion.