Saturday, April 10, 2021

Grayscale Buys Additional 10,000 ETH As Chinese Tech Giant Acquires another $28.4M in ETH

Grayscale Investments, the world’s largest crypto manager, has reportedly purchased an additional 10,000 ETH. While the Chinese tech giant, Meitu, took a strategic step to acquire another $28.4 million worth of ETH and $21.6 million worth of Bitcoin via a subsidiary.

Grayscale Ethereum Trust (ETHE) Purchases Additional 10,000 ETH

According to Market Meditations, a crypto-related news channel on Twitter, Grayscale Ethereum Trust (ETHE), has increased its Ethereum (ETH) holdings by 10,000 ETH.

Read Also: New EIP to Suppress Tension between Ethereum Developers and Miners Over EIP-1559 Emerges

Market Meditations tweeted, “OVERNIGHT UPDATE: Grayscale Ethereum Trust (ETHE) purchases an additional 10,000 ETH coins.”

Meitu Acquires another $28.4 Million in ETH and $21.6 Million in BTC

According to a report, the publicly-listed Chinese tech company, Meitu, has officially increased its holdings in Ethereum (ETH) and Bitcoin (ETH) after the purchase announced on 7th March 2021.

Read Also: Ethereum Booms in Anticipation for the Launch of ETH Futures By CME Group

According to the report, Meitu just purchased $28.4 million worth of ETH and $21.6 million worth of Bitcoin (BTC) via a subsidiary.

In a filing that disclosed the huge acquisitions on 17th March, the company said the Ethereum (ETH) purchase is intended to play a major role in its plan to get fully involved in the blockchain industry, while the Bitcoin acquisition would be part of Miracle Vision’s treasury.

In a statement, the Group divulged its stern interest in integrating blockchain:

“The Group is currently evaluating the feasibility of integrating blockchain technologies to its various overseas businesses, including but not limited to launching Ethereum-based dApps, as well as identifying suitable overseas blockchain-based projects for potential investments…that can be synergistic to its large user base that has hundreds million monthly active users globally.”

So, the firm purchased Ethereum (ETH) to strategically prepare for the initiatives mentioned above. The firm disclosed that the ETH acquired would serve as the transaction expenditure reserve for any potential decentralized applications (DApps) and investments.

Read Also: Grayscale Adds $93 Million Worth of Ethereum Within 24 Hours as ETH Surpasses $1,800

The firm noted:

“The Board believes cryptocurrencies have ample room for appreciation in value and by allocating part of its treasury in cryptocurrencies can also serve as a diversification to holding cash (which is subject to depreciation pressure due to aggressive increases in money supply by central banks globally) in treasury management.”

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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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