Grayscale Reveals $5 Billion Ethereum Accumulation After SEC Victory - COINTURK NEWS
reklamı kapat

Grayscale Reveals $5 Billion Ethereum Accumulation After SEC Victory

4:05 pm (32 days ago)
September 2, 2023

Arkham Intelligence has discovered that Grayscale has accumulated approximately $5 billion worth of Ethereum, according to its latest report. Grayscale seems to have hit all the right notes in the cryptocurrency world as it approaches the launch of its spot Bitcoin ETF, after winning its case against the Securities and Exchange Commission (SEC).

Grayscale’s Ethereum Trust being among the highest-rated crypto funds in the industry, it comes as no surprise. With its $4.7 billion ETH holdings, the Ethereum Trust becomes the second-largest Ethereum asset on the planet. Since Grayscale’s investment, the price of Ethereum has dropped, resulting in a slight correction in the initial $5 billion investment.

Grayscale Ethereum Trust and Details

Arkham scanned over 500 wallets and thoroughly examined all activities associated with Grayscale to determine its on-chain activity. According to the report, each wallet contains less than $30 million. Grayscale also holds approximately $1.7 million worth of Link tokens and $1.1 million worth of UNI tokens in its Grayscale Chainlink Trust.

According to Arkham’s report, Grayscale’s Bitcoin assets are much lower, totaling approximately $92.1 million. However, according to Grayscale’s official website, the Grayscale Bitcoin Trust, also known as GBTC, manages over $16 billion in Bitcoin.

Grayscale’s Future After SEC Victory

Grayscale holds approximately $60 million in Bitcoin Cash Trust and around $179 million in Ethereum Classic Trust. Grayscale Litecoin Trust is another significant fund with approximately $94.2 million. As the list goes on, these assets represent only the visible part of the iceberg in Grayscale’s portfolio.

Considering Grayscale’s victory against the SEC, it is inevitable that the Asset Management Firm will start accumulating more Bitcoin and other cryptocurrencies in their holdings.

There are still 40 days left for the SEC to appeal the damage they faced in the Washington D.C. court against Grayscale or to take it to the Supreme Court. However, until the SEC makes any moves, speculation will continue on how major asset management companies will strategize their ETF applications.

You can follow our news on Telegram, Facebook, Twitter & CoinMarketCap
Related Posts