Grayscale, the world’s largest cryptoasset manager, announced today that the company is managing Ethereum worth about $ 6.7 billion. The US cryptocurrency service provider manages a total of 3.1 million ETH.
According to the official mail by Grayscale, the total value of the company’s digital assets under management reached $ 46.4 billion. Bitcoin remained the largest holding in Grayscale, with over 650,000 bitcoins worth about $ 38.2 billion currently under the asset manager’s management. Ethereum is the company’s second largest holding.
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Grayscale sped up Ethereum accumulation during the first two months of this year. In December 2020, Michael Sonnenschein, CEO of Grayscale, highlighted the growing institutional interest in Ethereum-related investment products. In addition, the company recently released a report on Ethereum to highlight the potential benefits of the upcoming ETH network upgrade.
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Besides Bitcoin and Ethereum, Grayscale has a wide range of investment trusts, including Litecoin Investment Trust, Bitcoin Cash Investment Trust, Ethereum Classic Investment Trust, and Stellar Lumens Trust.
Grayscale announced yesterday that the company has rebalanced its large-cap digital fund by adding Chainlink. “The Grayscale has adjusted the Fund’s portfolio by selling the existing Fund Components in proportion to their weight and using the proceeds to purchase Chainlink (LINK) in accordance with the Fund’s construction criteria. This announcement follows the recent launch of the Grayscale Chainlink Trust, a single asset investment product offering investors the ability to stay informed about the price movement of the LINK token, ”the company said in a statement.
Cryptocurrency Investment Trusts
Bitcoin and Ethereum account for over 90% of all Grayscale crypto assets under management, but the company recently introduced five new digital currency investment funds to expand its offerings. In March 2021, Grayscale introduced the Basic Attention Token (BAT), Chainlink (LINK), Decentraland (MANA), Filecoin (FIL) and Livepeer (LPT) investment funds.
The total value of Grayscale’s Ethereum holdings got a boost from the recent surge in the price of ETH. On April 3, Ethereum recorded an all-time high of $ 2,152. At the time of writing, the digital currency is trading at around $ 2080.