Grayscale Accelerates Ethereum Accumulation

The world’s largest crypto assets manager purchased 3,347 Ethereum in the last 24 hours.

Grayscale has expanded its Ethereum Trust with the purchase of 19,355 ETH in the last 7 days. The digital assets manager now has 3.17 million ETH under management with a total worth of nearly $4.86 billion.

According to the latest data published by the crypto analytics platform, Bybt.com, Grayscale purchased 3,347 Ethereum worth approximately $5.2 million in the last 24 hours. The asset manager has accelerated its ETH accumulation since the reopening of its Ethereum Trust in January 2021. The firm purchased 243,519 ETH worth more than $380 million in the last 30 days.

Additionally, the data from Bybt.com shows that Grayscale bought ZEC, ZEN and XLM in large amounts yesterday. The company has a total of 303,000 ZEC, 604,000 ZEN and 63 million XLM under management.

Grayscale reported minor outflows as well during the last 24 hours. 96 Bitcoin worth nearly $4.7 million left Grayscale yesterday along with 148 Litecoin (LTC), 59 Bitcoin Cash (BCH) and 3,027 Ethereum Classic (ETC).

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The total value of the company’s digital assets under management now stands at around $37.4 billion, which is down from $42.4 billion on 20 February due to the recent dip in Bitcoin and Ethereum.

Focus on Altcoins

Despite the reason that Bitcoin and Ethereum account for more than 90% of Grayscale’s total digital assets under management, the company is now planning to add other cryptocurrency assets as well. In a recent press release, Grayscale mentioned that it is considering 23 digital assets including Aave, Chainlink, Polkadot, Cardano and EOS for new investment products.

“We’re eager to expand our product offerings to better serve our investors. The digital currency universe is constantly evolving and we seek to identify bold, interesting and innovative opportunities that satisfy our investors’ demand for differentiated exposure to this burgeoning asset class,” Michael Sonnenshein, CEO of Grayscale mentioned in the announcement.

Ethereum registered an all-time high of $2,020 in February this year. The world’s second-largest crypto asset is now hovering around $1,560 with a total market cap of more than $180 billion.

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