New data is revealing that Grayscale Investments, the largest crypto asset manager, just added roughly $100 million worth of Bitcoin and Ethereum to its investment portfolio.
According to data circulating from crypto analytics firm bybt, on December 8th, Grayscale added 131,402 Ethereum worth approximately $74 million and 1,313 Bitcoin worth approximately $24 million on December 9th. Both acquisitions occurred over the course of two separate 24-hour periods.
The firm’s large ETH purchase supports Grayscale Investments managing director Michael Sonnenshein’s observations that an increasing number of institutional investors are seeking exposure to Ethereum and only Ethereum.
“Over the course of 2020, we are seeing a new group of investors who are Ethereum-first and in some cases Ethereum-only. There’s a growing conviction around Ethereum as an asset class.
Grayscale Ethereum Trust has garnered the attention of a new segment of Ethereum-focused institutional allocators. During 3Q20, over 17% of inflows into the Grayscale Ethereum Trust came from new institutional investors.”
Sonnenshein also says that, from what he has witnessed at Grayscale, institutional interest in Bitcoin is by no means slowing down, suggesting that its recent bull run still has gas left in the tank.
As of December 10th, Grayscale’s ETH assets under management (AUM) total $1.66 billion and its BTC AUM total $10.15 billion also according to bybt’s data. As of December 10th Grayscale’s own data shows that its AUM totals $12.2 billion.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Ironika