The world’s leading crypto asset manager advocated that it has approximately $6.7 billion worth of Ethereum under management. The US-based crypto services provider has a sum of 3.1 million ETH under management. As per an official post by Grayscale, the total value of the company’s digital AUM (assets under management) has reached $46.4 billion. However, Grayscale has the largest holding of bitcoin, as it recently possesses over 650,000 Bitcoin under management with a value of over $38.2 billion. ETH is the second-largest holding of the firm.
Grayscale stimulated its accumulation of Ethereum through the first two months of this year. In December 2020, CEO of Grayscale, Michael Sonnenshein, emphasized a developing institutional interest in Ethereum-related investment products. The U.S.-based company also currently issued a report on Ethereum to feature ETH’s upcoming network upgrade’s potential advantages. Besides Bitcoin and Ethereum, Grayscale has a broad range of investment trusts. It involves Litecoin investment trust, Bitcoin Cash investment trust, Ethereum Classic investment trust, and Stellar Lumens trust.
Grayscale Plans to Switch GBTC into a Bitcoin ETF
Grayscale also recently declared that it plans to transform the GBTC bitcoin trust into an ETF (exchange-traded fund). Further, the organization also unveiled that the Chainlink (LINK) would be entering the Digital Large Cap Fund (GDLC). Last year, the GDLC embraced the digital currency XRP. However, Grayscale abandoned the token after the recent U.S. SEC’s lawsuit against Ripple Labs. In enhancement to Chainlink (LINK), the GDLC fund includes bitcoin, ethereum, bitcoin cash (BCH), and litecoin (LTC).
Moreover, Grayscale’s GDLC fund’s developments reflect the organization’s single-asset investment vehicle’s recent opening, the Chainlink Trust. The LINK-based trust provides investors exposure to the LINK price movement, the decentralized data routing protocol developed on Ethereum (ETH). Furthermore, Grayscale involving Chainlink also comes after the current surge in the Oracle-based tokens.
Ethereum and Bitcoin reflect more than 90% of Grayscale’s total cryptocurrency AUM (assets under management). Nevertheless, the company has lately introduced five new digital currency investment trusts to extend its offerings. Additionally, Grayscale introduced Decentraland (MANA), Basic Attention Token (BAT), Chainlink (LINK), Filecoin (FIL), and Livepeer (LPT) investment trusts in March 2021. The total value of Grayscale’s Ethereum holdings experienced a drive from the recent swell in ETH price. Moreover, Ethereum recorded an ATH (all-time high) of $2,152 on April 3. Recently, the second-largest digital currency is trading at approximately $2,080.