One of the earliest believers of the world’s largest cryptocurrency by market capitalization, Grayscale Investments is already leaps and bounds ahead of its competitors as it is the largest institutional investor of Bitcoin currently. As new institutional players enter the crypto market towards the end of the year, taking a piece of the Bitcoin pie, Grayscale is not one to be left behind in the purchasing race either, as it adds not only $266 million USD worth of Bitcoin (BTC) to its Grayscale Bitcoin Trust (GBTC), but also $58 million in ETH to the Grayscale Ethereum Trust.
According to Grayscale’s financial reports, the firm has purchased an additional 14,591 BTC and 105,000 ETH. Since Bitcoin’s halving event back in May, Grayscale has been on top of grabbing available BTC from the dwindling supply in the market, so it comes as no surprise that it is keeping up consistently with adding to its current holdings. What is noteworthy perhaps is its active purchases of Ethereum, at a time where a majority of institutional players are still focused on Bitcoin, having entered the market much later than Grayscale has.
Its most recent purchase comes after it obtained 105,000 ETH, as reflected by a document dated on December 2. As of December 10, the total assets under management for Grayscale has risen to a whopping $12.2 billion.
It was reported just yesterday that insurance firm MassMutual is jumping on the Bitcoin bandwagon with a recent $100 million purchase of BTC, while MicroStrategy is aggressively increasing its BTC holdings as it sells debt securities and channel more funds towards the leading digital asset.
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