Grayscale Buys Over 30,000 Units of Ethereum

Leading investment company, Grayscale Trust has added over 31,000 units of Ethereum which translates to a $60 million investment into its Ethereum Trust fund. This was announced through a filing made by the company to the securities and exchange commission recently. 

According to the filing, “the Trust issued 3,077,800 Shares… for an aggregate of 31,587.51268272 Ethereum representing $58,676,893,” while adding that “as a result, there are 307,601,300 Shares issued and outstanding as of February 23, 2021.”

This purchase marks a reduction in the usual amount of the second largest crypto asset that the company bought recently which is around $100 million. The company, at some point, did not buy the asset for a while. However, it seems the firm has resumed buying the digital asset which is largely tied to the 35% drop in the value of Ethereum from $2,050 to $1,360 for a brief period before stabilizing around $1600 to $1700 where it is currently trading. Thus, Grayscale Trust have taken advantage of the dip to increase its ETH holdings.

The premium share of the asset which is equal to 0.01 ETH has also dropped to $17.23 per unit. This is a far cry from the price of asset back in December when it was worth up to $23.40 then.

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