Grayscale’s Ethereum Trust Holds $12 Billion Worth of ETH

Grayscale, the US-based digital asset management firm, now has over 3 million Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term with a total value of more than $12 billion. The value of Grayscale’s Ethereum holdings increased rapidly in the last 6 weeks after ETH jumped by nearly 100% during the mentioned period.

According to an official update posted by the asset management firm, the total value of Grayscale’s cryptocurrency assets under management (AUM) reached approximately $47 billion on Friday. Ethereum is the second-largest holding of Grayscale.

Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term, the world’s largest cryptocurrency, is the most valuable holding of Grayscale as the crypto asset manager now holds more than $32 billion worth of BTC. Grayscale is one of the largest institutional holders of Bitcoin. Apart from ETH and BTC, the New York-based digital asset manager has several other cryptocurrency investment trusts. including Ethereum Classic Trust, Litecoin Trust and Bitcoin Cash Trust.

Grayscale started 2021 with nearly $20 billion worth of crypto AUM. The company accelerated its Ethereum and Bitcoin accumulation in the first quarter of 2021. As a result, the total value of the company’s digital assets under management crossed $50 billion in April. Due to the crypto market correction in June and July, the value of Grayscale’s crypto AUM dropped below $30 billion. However, since late July, the company saw consistent growth in the value of its crypto investment trusts.

Popularity of Ethereum

The growing popularity of ETH is playing a major role in its latest price surge. According to a recent study conducted by the crypto exchange Gemini, Singapore-based investors prefer Ethereum over Bitcoin. Nearly 78% of the crypto holders in Singapore are currently holding Ethereum. ETH-related investment products attracted a total of $17 million worth of institutional inflows during the last week of August 2021.

Grayscale saw a surge of nearly $3 billion in the total value of its Ethereum holdings during the last month. In the second week of August 2021, the company’s ETH Trust crossed the value of $10 billion.