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Grayscale Ethereum Trust Buys Additional 10,000 ETH

Grayscale Ethereum Trust Buys Additional 10,000 ETH
  • Grayscale Ethereum Trust has purchased an additional 10,000 ETH.
  • Chinese firm Meitu bought ETH and BTC worth $28.4 and $21.4 million respectively.

Grayscale Ethereum Trust has bought an additional 10,000 ETH. This is in addition to the company’s previous announcement of buying 25,000 ETH worth $37.6 million.

Amid Grayscale ETH purchase, Chinese publicly-traded beauty app firm Meitu also bought an additional $28.4 million in ETH. Notably, Meitu did not buy only ETH; the company also bought about $21.6 million in Bitcoin.

According to Meitu, the $28.4 ETH purchased is meant to play a major role in the crypto industry. The company reportedly said that the ETH acquisition will help them to contribute heavily to become fully involved in the blockchain industry from now on.

Also, Meitu notably said that the ETH will also function as a transaction expenditure reserve for decentralized applications (DApps). 

In addition, the $21.6 million Bitcoin will be used as part of the firm’s Miracle Vision treasury, according to the company. Last week, Meitu also bought BTC and ETH. Specifically, the firm purchased 15,000 units of ETH and 379.1214269 units of BTC respectively.

At the time of writing, Ethereum price is at $1,832, with a 24h trading volume of $31,752, according to CoinGecko.

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Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.