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BCH $511.25 (0.49%)
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DOGE $0.20 (0.90%)

Rothschild Investment Firm Bought $4.75M of Ethereum

Investment_Firm,_Rothschild_Purchased_$4_75_million_Of_Ethereum
  • Rothschild investment firm has bought over 265,302 shares of Grayscale ETHE.
  • Rothschild’s shares in the ETH trust are worth more than $4.75 million.
  • The firm also upped its Grayscale BTC Trust position to 38,346 shares.

211-year-old Chicago-based Rothschild investment firm has purchased shares of the Grayscale Ethereum Trust (ETHE). The firm purchased more than 265,302 shares, as per reports. Notably, this is the firm’s first investment in Ethereum (ETH).

According to the filing, Rothschild’s shares in the ETH trust are worth more than $4.75 million. Also, the firm is a part of the Rothschild family which has interests in global finance, real estate, mining, jewelry, winemaking, and more.

Moreover, the ETHE is the crypto-powered ‘Trust’ product provided by Grayscale. More so, the trust is a regulatory compliant financial institution. Further, the trust holds a small portion of the spot crypto as part of each share it provides investors.

Added to the ETHE investment, Rothschild upped its position in the Grayscale Bitcoin Trust by almost 8,000 shares to 38,346 shares. This indicates an increase from the 30,454 shares it held at the end of 2020. The total BTC shares are currently worth over $1.92 million.

Most cryptocurrency institutional investment is limited to Bitcoin. However, Ethereum’s upcoming updates and its use case have started to make it a good bet for some investors. Ethereum-based investments also attracted a total of $4.2 billion inflows in Q1 2021, the highest level of records ever.

Furthermore, some investors prefer to invest in spot ETH rather than in crypto-powered institutions. For instance, a Hong Kong-listed photo editing app, Meitu, became the first ETH investor this year. Meitu purchased $22 million worth of assets in a single day.

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Crypto trading has enticed Ananthi Reeta to write for CoinQuora. She consistently contributes news and feature articles. She has covered several different blockchain and crypto niches, especially altcoins.