Grayscale has Purchased Over $325 Million Worth of Bitcoin and Ethereum

December 11, 2020 2:13 PM UTC

 

The interest of institutional players in bitcoin has surged since it rallied to 2020 highs. The US-based digital asset manager Grayscale drives the market in terms of BTC acquisitions. Based on the recent financial reports, the firm has purchased an additional 14,591 BTC, worth $266 million, and 105,000 ETH, worth $58,5 million, on behalf of its users.

“The Trust issued 15,334,000 Shares at varying prices … for an aggregate of 14,591.89670379 Bitcoins representing $280,362,832,” and “the Trust issued 1,140,900 Shares at varying prices … for an aggregate of 105,927.51301273 Ethereum representing $62,975,646,”  said Grayscale’s Form 8-K report.

Grayscale presents investors with a cost-effective means of getting crypto exposure without actually acquiring the asset. This strategy withdraws the challenges of buying, storing, and safekeeping digital assets directly.

Grayscale Manages $12 Billion Worth of Cryptos

The total value of assets managed by Grayscale has reached a high of $12.1 billion. It is worth noting that Grayscale’s Bitcoin trust has amassed a large number of funds, maintaining more than $10 billion all by itself. Meanwhile, the Grayscale Ethereum Trust stands in the second spot with $1.64 billion assets under management. 

On December 14, Grayscale is slashing the shares of Ethereum Trust by 9 to 1, as reported earlier. The firm is splitting the shares of Ethereum Trust in order to pull retail investors by making the fund more attractive. The existing shareholder will get eight additional shares. According to the press release, “the Trust may create new Shares after the date of this press release and up through the Record Date.”

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