Grayscale Buys More Than Bitcoin, Ethereum Trust Explodes

Editor's Note: This article comes fromCointelegraph Chinese (ID: CointelegraphChina), Author: SAMUEL HAIG, reproduced by Odaily with authorization.

Editor's Note: This article comes from

Cointelegraph Chinese (ID: CointelegraphChina)

, Author: SAMUEL HAIG, reproduced by Odaily with authorization.

While Grayscale’s Bitcoin Investment Trust (BIT) has received a lot of attention recently for its massive accumulation of Bitcoin, the crypto fund manager has also been actively increasing its accumulation of Ethereum (ETH).

Ray Sharif-Askary, Grayscale’s director of investor relations, said in a recent episode of the Coinscrum markets podcast that the company has purchased $110 million worth of ETH so far in 2020.

Institutional Investors Diversify With ETH

As a result, Grayscale has purchased Ethereum equivalent to 0.4% of its total market capitalization over the past five months. Sharif-Askary noted that more than 38% of Grayscale clients now hold more than one crypto asset, a sharp increase from about 9% 12 months ago.

During the same period, Grayscale purchased $390 million in Bitcoin (BTC), equivalent to 0.2% of its total market capitalization. According to reports, the company bought 1.5 times as many bitcoins as it produced new bitcoins through mining.

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Grayscale’s Ethereum Trust has had a stellar year-to-date performance, with the fund’s price up nearly 800% to a recent record close of $210.

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Grayscale Ethereum Trust/USD:

The price of the Ethereum Trust briefly touched $250 in the past 24 hours, with investors who bought the fund in early January seeing a 995% year-to-date return.

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