The world’s largest crypto asset manager Grayscale Investments has added an additional $100 million in bitcoin and ether.
According to data compiled by crypto analytics firm Bybt, Grayscale added 131,402 ethereum ($74 million) and 1,313 bitcoin ($24 million) on December 9. Both investments occurred over the span of two 24-hour periods.
The purchase follows on an earlier report by Bloomberg highlighting greater institutional interest and exposure in ethereum. Grayscale’s managing director Michael Sonnenshein said there was “growing conviction” around ethereum as an asset class and noted a new group of investors solely interested in ethereum.
He told Bloomberg,
Grayscale Ethereum Trust has garnered the attention of a new segment of Ethereum-focused institutional allocators. During 3Q20, over 17% of inflows into the Grayscale Ethereum Trust came from new institutional investors.
Sonnenshein reiterated that investor interest in bitcoin had yet to slow down and suggested the current bull run for BTC could see further action. He also said ethereum had “along the same lines” of staying power as bitcoin, giving the two assets a comparably favorable outlook.
According to Bybt, Grayscale’s bitcoin assets under management (AUM) totals more than $10 billion while ethereum AUM is more than $1.6 billion.
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