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ByAuthor J.D. SmithPosted on
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Crypto Giant Grayscale Buys $344,000,000 in Ethereum in Just Two Weeks

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The digital asset manager Grayscale just bought over $344 million worth of Ethereum (ETH) on behalf of its investors in a span of two weeks.

According to crypto trading and insights platform Bybt, the Grayscale Ethereum Trust (ETHE) witnessed an influx of investments starting from February 3rd to 13th, when thousands of ETH worth tens of millions of dollars entered the trust almost on a daily basis.

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Grayscale made the largest Ethereum buy this month so far on February 12th, with the digital asset manager purchasing 52,730 ETH worth $1,770 each. 

Source: Bybt

All in all, Grayscale purchased 197,890 ETH in a two-week time frame worth $344.3 million. According to Bybt, the Grayscale Ethereum Trust now holds 3.13 million in ETH representing 0.2% of the leading smart contract platform’s total supply.

The surging investor interest in the firm’s Ethereum Trust comes after Grayscale brought the product back to life. In late December, the company decided to temporarily shut down the trust.

In a new tweet, Grayscale reveals that it now manages $38.8 billion in crypto assets, with Ethereum Trust’s assets under management (AUM) valued at over $5.57 billion.

At time of writing, Ethereum is worth  $1,740, according to data from CoinMarketCap.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Ahmed Muntasir

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