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As Grayscale grows further in the crypto space, ETH performs well in the markets

As Grayscale grows further in the crypto space, ETH performs well in the markets
  • Grayscale, the well-known cryptocurrency investment and management firm holds more than 1% of total existing ETH tokens. 
  • Released on the 2nd of June, this news is revealed in the companies latest report of net assets under management (AUM).

Grayscale, the well-known cryptocurrency investment and management firm holds more than 1% of total existing ETH tokens. Released on the 2nd of June, this news is revealed in the companies latest report of net assets under management (AUM). The report looks into how the company has an AUM of just shy of $340 million for ETH, which represents more than 1% of the circulating supply. 

The company has been buying ETH tokens since the start of 2020 and quite a significant move. By the end of April this year, the company had bought the equivalent of 50% of all mined ETH in 2020. Funnily enough, ETH has been performing relatively well over the past few weeks and has led to many people believing that Grayscale has had a direct impact on that. As to how true this is, it is unknown. Given that ETH is one of the most promising assets in the industry right now, especially with its transition to the proof of stake algorithm coming just around the corner.

When it comes to bitcoin, space has been going wild on that front as well. It has bought more than 30% of all mined BTC in 2020 with several other assets in the companies portfolio too. This includes bitcoin cash, LTC, ripples XRP token and more.

Ever since the company was established, they have been growing stronger at a significant rate. It is one of the most trusted investment platforms for institutional investors when it comes to the crypto space. Earlier this year in the first quarter, the company recorded its best quarter ever with more than $500 million in flow. If the company continues to grow at such a pace, its assets holding could reach an unprecedented level by the end of this year alone.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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