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Grayscale Buys $74M Worth of ETH for Its Ethereum Trust

Grayscale_Purchases_More_Than_$74_Million_for_its_Ethereum_Trust
  • Cryptocurrency investment firm Grayscale has recently purchased $74.1 million worth of ETH for its Ethereum Trust.
  • In line with this, Genesis Trading acted as the middleman to the said ETH purchases.
  • Grayscale’s ETH purchase follows its recent $280 million investment in Bitcoin.

Prominent cryptocurrency investment firm Grayscale has recently purchased $74.1 million worth of ETH for its Ethereum Trust. Grayscale revealed this through a report to the US Securities and Exchange Commission (SEC).

The report further showed that Genesis Trading acted as the “authorized participant”, or middleman, to the said ETH purchases.

Grayscale specifically added in the report,

As a result, Genesis, as Authorized Participant facilitating the creation of Shares and as Distributor and Marketer, may be deemed an “underwriter” under Section 2(a)(11) of the Securities Act.

However, Grayscale assured the SEC that Genesis Trading did not receive any underwriting discounts or commissions during the ETH purchases.

Grayscale’s ETH purchase follows its recent $280 million investment in Bitcoin. It appears that aside from possessing a massive Bitcoin investment portfolio, Grayscale is also starting to double down on Ethereum. This appears well-timed, as ETH also remains as one of the top-performing cryptocurrencies this 2020.

Additionally,  Grayscale also hit $10 billion last month in terms of assets under management (AUM). Also, of all assets under its care, Bitcoin tops the list with almost $9 billion. The rest, including Ethereum, make up for the over $1 billion worth of AUM.

At the time of writing, Ethereum is changing hands at $587.15, according to crypto data site CoinGecko. Meanwhile, one Bitcoin is worth $19,360.41.

Jesus is the Senior Editor of CoinQuora. He's been following the crypto space since 2016, and may possibly do so indefinitely. He covers various blockchain-based developments and crypto market trends.