Grayscale Investments Added 131,254 ETH & 1,313 BTC To its Portfolio December 12, 2020 December 12, 2020 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Ethereum NewsDecember 12, 2020 by Kelly Cromley

Grayscale Investments Added 131,254 ETH & 1,313 BTC To its Portfolio

Latest available data shows that Grayscale Investments, which is the largest cryptocurrency manager, just added Bitcoin and Ethereum worth about $100 million to its portfolio of investments. As per December 8 data provided by bybt, a firm offering crypto intelligence, Grayscale bought 131,402 Ether (ETH) valued roughly $74 million and 1,313 Bitcoin valued roughly $24 million on December 9.

Both purchases happened over a span of two distinct 24-hour time frames.

The company’s significant ETH purchase backs the rhetoric of Michael Sonnenshein, managing director of Grayscal Investments, that institutional investor interest, specifically in Ethereum, is increasing.

“Over the course of 2020, we are seeing a new group of investors who are Ethereum-first and in some cases Ethereum-only. There’s a growing conviction around Ethereum as an asset class. Grayscale Ethereum Trust has garnered the attention of a new segment of Ethereum-focused institutional allocators. During 3Q20, over 17% of inflows into the Grayscale Ethereum Trust came from new institutional investors.”

Based on what he saw at Grayscale, Sonnenshein stated that institutional interest in Bitcoin is not decreasing, implying that the crypto market has not lost steam.

At the end of December 10, value of Ether (ETH) being managed (assets under management) by Grayscale is $1.66 billion. Similarly, the value of Bitcoin under management is $10.15 billion, as per data provided by bybt’s data. Data provided by Grayscale indicates that the value of assets under management is roughly $12.20 billion.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.