11.5 C
May 18, 2021
Image default

Institutional money is flowing heavily to Ethereum

Grayscale is investing heavily in Ethereum and already owns more than 1% of the total existing ETH tokens.

The leading cryptocurrency investment and asset management company, Grayscale, currently owns more than 1% of Ethereum’s existing total. This was revealed in the company’s latest report, released on June 2. The report shows that Grayscale has a total of $ 338.8 million worth of Ethereum.

Grayscale has been aggressively buying Ether since the beginning of the year. By the end of April, the company had purchased the equivalent of 50% of all Ether extracted in 2020. This was necessary to keep the Ethereum Trust strong on the platform, as interest in Ethereum continues to grow.

Ethereum has been doing very well recently. Currently, it is one of the best performing assets by price and its future still looks bright, as its fundamentals have been praised by analysts.

It is not clear whether Grayscale’s huge investment in the asset contributed to its performance, but it is one of the most promising assets at the moment. ETH is currently trading at $ 240.

Meanwhile, Grayscale also buys Bitcoin on a large scale this year. It recently purchased more than 30% of all Bitcoins mined in 2020. Several other digital assets, including Bitcoin Cash, Ethereum Classic, Litecoin, Stellar Lumen, XRP, Zcash and Horizen, are maintained by the company with significant stakes in its existing supplies.

Since its creation, the company has grown stronger and has become a reliable investment platform for institutional investors to invest in digital assets. In April, Grayscale recorded the first quarter as the best quarter of all time, with more than $ 500 million. At the time, the total investment was US $ 2.2 billion, but increased almost 100%, to US $ 4.0 billion.

If the company continues to grow, its assets could reach unprecedented levels by the end of the year. The platform is still buying Ether to increase its holdings and may exceed the current volume in the near future.

Source: zycrypto

Related posts

XRP just lost third place at CoinMarketCap

Anupreet Kaur

Litecoin’s partnership with Atari allows you to buy the company’s products using LTC

Anupreet Kaur

Another DeFi hack: $ 7.7 million stolen in a Warp Finance attack

Anupreet Kaur

Leave a Comment