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

Grayscale, the US-based digital asset management firm, now has over 3 million Ethereum 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, 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.