Sunday, January 24, 2021

Grayscale Now Has $110 Million Worth of Ethereum (ETH) So Far In 2020

According to Ray Sharif-Askary, the director of investor relations at Grayscale, the crypto fund manager is now buying up more than just Bitcoin (BTC). Its investment in Ethereum (ETH), the second-largest cryptocurrency, is now totaled $110 million, representing 22% of Grayscale Investments’ purchases in 2020 so far.

Grayscale’s Growing Interest in Ethereum (ETH)

The enormous accumulation activities of the Grayscale’s Bitcoin Investment Trust has lately attracted notable attention from the cryptocurrency community. As much attention is focused on Bitcoin (BTC), the crypto fund manager has also been showing great interest in Ethereum (ETH), as it increasingly grows its ETH stash.

Grayscale’s director of investor relations, Ray Sharif-Askary, while speaking on a recent episode of the Coinscrum markets podcast, revealed that the firm has bought $110 million worth of Ethereum (ETH) in 2020 so far.

In calculation, $110 million in ETH purchased by Grayscale is equal to 0.4% of the total market capitalization of the digital currency in the past few months.

According to Sharif-Askary, more than 38% of current clients of the crypto fund manager now have at least two digital assets in their possession.

She stated that “It is encouraging to investors […] diversify within the digital currency asset class, just like they would with any other traditional asset class.”

Also, the ETH accumulation by the crypto fund manager, Grayscale, has come at a time when the shares in the Grayscale Ethereum Trust is witnessing a dramatic year-to-date performance. According to data, it has experienced a relatively 800% increase, with the market’s last recorded trade closing for $210.

Grayscale Ethereum Trust now offers year-to-date returns of 995% to investors that bought shares in the first month of 2020, as the trust briefly tested $250 within the past 48 hours. At the time of writing, ETH is trading at $243.45, with a 0.31% price downtrend based on 24 hours estimation.

Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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