Grayscale Investments have reported a $90 million investment in Ethereum Classic holdings. Grayscale are a digital asset investment firm that help investors get into the world of cryptocurrency and digital investment. According to the Grayscale website:
“Several digital currencies, each with unique comparative advantages, may radically transform legacy systems across nations and industries around the world, driving future economic growth and becoming more valuable as the keys to our digital, global economy. At Grayscale, we believe investors deserve an established, trusted, and accountable partner that can help them navigate digital currency investing. That’s why we are building transparent, familiar investment products that facilitate access to this burgeoning asset class, and provide the springboard to investing in the new digital currency-powered internet of money.”
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Overall, it is reported that Grayscale manage around $1.5 billion in digital assets across their portfolio of clients. Approximately $1.38 billion of those assets are in Bitcoin, but a stunning $90 million exists within Ethereum Classic, making ETC the second most ‘invested’ cryptocurrency through Grayscale Investments.
This serves as evidence to prove that Ethereum Classic is encouraging institutional level investment. This is no doubt because of the sudden growth seen by Ethereum Classic over the past year and the fact that it still has ties with Ethereum, the cryptocurrency with the highest market capitalisation after Bitcoin of course.
Because of all this, Ethereum Classic is seeing a huge rise in popularity, complimented of course by a recent rise in value and market capitalisation.
At the time of writing, ETC is valued at $15.14, down 0.01%. The downtime in ETC at the moment is down to the bear market and the price drop served by the recent Bitcoin ETF news. Overall though, with a recent Robinhood listing and a looming Coinbase listing, Ethereum Classic is expected to rise over the coming month and may even see values exceeding $20.00, not bad considering 11 months ago, ETC was just brushing a value over $9.00.
With further institutional investment expected through companies like Grayscale, Ethereum Classic is expected to move from strength to strength. Institutional support will help to pump the price, rewarding those investors who bought in early and of course, giving Ethereum Classic a chance to soak up some of Ethereum’s limelight.