Genesis Capital said Tuesday that its total number of loans outstanding more than doubled to $1.4 billion for the second quarter to June, up from $649 million three months earlier.

The crypto lender, which targets institutional investors and wealthy individuals, added over $2.2 billion in new originations, an increase of 324% year-on-year.

Since the launch of the business in March 2018, Genesis has originated nearly $8.4 billion in loans, the bulk of which are denominated in bitcoin (BTC) and cash.

For the review quarter, BTC loans increased, accounting for 51% of the loan book total and fiat 32%. Cash-based loans have actually been in decline, falling from 36.6% the previous quarter.

The decline may be the result of low volatility seen in the spot price of bitcoin during the April to June period, which made borrowing cash to buy crypto less profitable.

According to the lender’s earnings report, ethereum (ETH] and bitcoin cash (BCH) are the second and third largest crypto-based loan issuances, making up 7.4% and 4.8% of the…

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