Crypto assets manager Grayscale expands its Ethereum Trust

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Grayscale has expanded its Ethereum Trust with buying 19,355 ETH in the last 7 days. The digital assets manager now has 3.17 million Ethereum under management with a total worth of nearly $4.86 billion.

According to the latest data revealed by the crypto analytics platform, Bybt.com, Grayscale Ethereum Trust bought 3,347 Ethereum worth approximately $5.2 million in the last day. The asset manager has accelerated its ETH accumulation since the reopening of its Ethereum Trust in January 2021. The firm bought 243,519 ETH worth more than $380 million in the last 30 days.

Moreover, the data from Bybt.com indicates that Grayscale purchased ZEC, ZEN and XLM in large amounts yesterday. The company has a total of 303,000 ZEC, 604,000 ZEN and 63 million XLM under management.

Grayscale reported minor outflows as well during the last 24 hours. 96 Bitcoin worth nearly $4.7 million left Grayscale yesterday along with 148 Litecoin (LTC), 59 Bitcoin Cash (BCH) and 3,027 Ethereum Classic (ETC).

The total value of the firm’s digital assets under management now stands at around $37.4 billion, which is down from $42.4 billion on 20 February due to the recent dip in Bitcoin and Ethereum.

Despite the reason that BTC and ETH account for more than 90% of Grayscale’s total digital assets under management, the firm now aims to add other cryptocurrency assets as well. In a recent press release, Grayscale said that it is considering 23 digital assets including Aave, Chainlink, Polkadot, Cardano and EOS for new investment products.

“We’re eager to expand our product offerings to better serve our investors. The digital currency universe is constantly evolving and we seek to identify bold, interesting and innovative opportunities that satisfy our investors’ demand for differentiated exposure to this burgeoning asset class,” Michael Sonnenshein, CEO of Grayscale mentioned in the announcement.

Ethereum hit an all-time high of $2,020 in February this year. The world’s second-largest cryptocurrency is now hovering around $1,560 with a total market capitalization of more than $180 billion.

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