Grayscale Is Buying More And More Ethereum, Adding 19,355 ETH To Their Ethereum Trust in 7 days

The largest crypto asset manager in the world, GrayScale, bought a whopping 3,347 Ethereum yesterday.

Accumulation accelerated since Ethereum Trust reopened.

Grayscale has added 19,355 ETH to its Ethereum Trust in the past 7 days. The company now manages 3.17 million ETH tokens with a total value of nearly $4.86 billion. The asset manager has bought tons of tokens since reopening its Ethereum Trust in January 2021. In fact, in the past 30 days, Grayscale bought 243,519 ETH worth more than $380 million.

Also, data from Bybt.com shows that Grayscale has purchased large amounts of ZEC, ZEN, and XLM. The company manages a total of 303,000 ZEC, 604,000 ZEN, and 63 million XLM.

The total value of the company’s digital assets is now approximately $37.4 billion. This is down from $42.4 billion on Feb 20. The cause of this is the recent price dip of the crypto market.

Focus on Altcoins

Despite Bitcoin and Ethereum accounting for over 90% of the Grayscale digital assets, The assets manager now plans to purchase other cryptocurrencies as well. In a recent press release, Grayscale reported that it is considering 23 digital assets, including Aave, Chainlink, Polkadot, Cardano, and EOS, as new investment products. Michael Sonnenshein, Grayscale’s CEO, said the following in the announcement:

We are eager to expand our product offering to better serve our investors. The digital currency universe is constantly evolving. We seek to create bold, exciting, and innovative opportunities that meet our investors’ demand for differentiated exposure to this fast-growing asset class.

Ethereum hit an all-time high of $2,020 in February. The second-largest cryptocurrency is now hovering around $1,600.

Originally published at https://thecryptobasic.com on March 4, 2021.

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Grayscale Is Buying More And More Ethereum, Adding 19,355 ETH To Their Ethereum Trust in 7 days was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.

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