Grayscale's Ethereum Holdings Reach $6.7 Billion

Grayscale, the world’s largest crypto asset manager, announced today that the company has nearly $6.7 billion worth of Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term under management. The US-based crypto services provider has a total of 3.1 million ETH under management.

According to an official post by Grayscale, the total value of the company’s digital assets under management has reached $46.4 billion. Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term remained the largest holding of Grayscale as the asset manager currently has more than 650,000 Bitcoin under management with a value of approximately $38.2 billion. Ethereum is the second-largest holding of the firm.

Grayscale accelerated its accumulation of Ethereum during the first two months of this year. In December 2020, Michael Sonnenshein, CEO of Grayscale, highlighted a growing institutional interest in Ethereum-related investment products. Additionally, the company released a report on Ethereum recently to highlight the potential benefits of ETH’s upcoming network upgrade.

Apart from 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 digital large-cap fund with the addition of Chainlink. “Grayscale has adjusted the Fund’s portfolio by selling the existing Fund Components in proportion to their respective weightings and using the cash proceeds to purchase Chainlink (LINK) in accordance with the Fund's construction criteria. This announcement follows the recent launch of Grayscale Chainlink Trust, a single-asset investment product offering investors exposure to the price movement of the LINK token,” the company mentioned in the press release.

Cryptocurrency Investment Trusts

Bitcoin and Ethereum account for more than 90% of Grayscale’s total cryptocurrency assets under management but the company has recently introduced five new digital currency investment trusts to expand its offerings. Grayscale introduced Basic Attention Token (BAT), Chainlink (LINK), Decentraland (MANA), Filecoin (FIL) and Livepeer (LPT) investment trusts in March 2021.

The total value of Grayscale’s Ethereum holdings received a push from the recent surge in ETH price. Ethereum registered an all-time high of $2,152 on 3 April. As of writing, the digital currency is trading near $2,080.