Grayscale is undoubtedly the most prominent names in the cryptocurrency markets these days as it is on a buying spree, continually increasing its cryptocurrency reserves.
The firm bought $24 Million Bitcoin and $74 Million worth Ethereum on December 8 and December 9, 2020 respectively.
Grayscale Buys Additional ETH and BTC
The latest news doing the rounds in the crypto circles reveals that Grayscale Investments has brought another mammoth chunk of Bitcoins and Ethereum tokens to augments its investment. Bybt a cryptocurrency analytics firm, highlighted that the company bought almost $100 Million worth of BTC and ETH in a matter of 24 hours.
The whopping numbers indicate that the company is strategically augmented its crypto reserves as part of its financial strategy to leverage the increasing institutional interest in Bitcoin and Ethereum. With 1313 Bitcoins and 131,402 ETH tokens, the firm invested heavily in the cryptocurrencies within a period of 24 hours.
Grayscale noted that it has more than $12.2 Billion in Net Assets Under Management in cryptocurrencies.
On December 10, Decrypt reported that Grayscale had added 14,591 Bitcoin and 105,00 Ethereum on behalf of its customers. As per the Form 8-K report, the Grayscale Trust issued around 15,334,000 shares worth $282,362,832. The company is continuously increasing its cryptocurrency reserves, considering the high inflow of Institutional investments in the cryptocurrency, especially Ethereum. Grayscale Ethereum Trust gathered more than 17 percent of its investments from the new institutional investors. Also, the inflow of institutional investment in Bitcoin is continually on the rise due to the bullish run of Bitcoin despite several fluctuations.
Recently, Guggenheim Partners also showcased an interest in procuring Bitcoin, and through a filing with SEC, It said that it could invest up to 10 percent of its asset value in Bitcoin through the Grayscale Bitcoin Trust. The Grayscale Bitcoin Trust enabled the investors to procure Bitcoin. It is an instrument which lets the institutional investors trade the shares of the trusts that hold Bitcoin in a large amount. The shares of the trust are closely dependent on the current price of Bitcoin.
As per a Block report, the Grayscale Ethereum Investment Trust hit the all-time high average daily volumes, with the numbers increasing substantially to 220 percent in November. After the trust announced the split of the Trust share by 9-for-1, there was an exponential increase in the trading volumes.
Disclaimer
The information discussed by The Coin Magazine is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Do your due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright The Coin Magazine All rights reserved.
