Name Price24H (%)
Bitcoin (BTC)
$10,691.30
0.74%
Ethereum (ETH)
$349.64
1.45%
XRP (XRP)
$0.239535
0.60%
Litecoin (LTC)
$45.59
-0.47%
Grayscale is Buying Up More Than Just Bitcoin
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Grayscale is Buying Up More Than Just Bitcoin

Speaking on a recent episode of the Coinscrum markets podcast, Grayscale’s director of investor relations, Ray Sharif-Askary, revealed that $110 million worth of ETH has been purchased by the firm during 2020 so far. While great attention has been paid to the recent enormous accumulation activities of the Grayscale’s Bitcoin Investment Trust, or BIT, the crypto fund manager has also been aggressively growing its Ether (ETH) stash.

 

Institutional investors diversify with ETH
As such, Grayscale’s purchases are equal to 0.4% of Ethereum’s total market cap in the past five months. Sharif-Askary noted that over 38% of Grayscale’s current clients now hold more than one crypto asset, up significantly from roughly 9% as of 12 months ago.

“It is encouraging to investors […] diversify within the digital currency asset class, just like they would with any other traditional asset class,” she stated.

Over the same period, Grayscale has purchased $390 million in Bitcoin (BTC), equal to 0.2% of the market’s capitalization. The firm is reportedly buying BTC at a rate equal to 1.5 times the quantity of new Bitcoin created through mining.

 

Sharif-Askary attributed Grayscale’s enormous crypto accumulation to institutions seeking a hedge fledge against inflation in response to U.S. monetary policy amid the COVID-19 crisis.

“From a border perspective, COVID-19 and the policy implications especially have really set the stage for Bitcoin to become seen as a store of value asset. […]”

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