Grayscale now has 3,000,000 Ether worth $12 billion.
Grayscale’s massive crypto asset trusts are now larger than Bahrain’s economy, according to new data.
The firm’s reputation is built on the well-known Grayscale Bitcoin Trust, an investment vehicle that gives more traditional investors portfolio exposure to BTC.
However, in booming NFT markets, Ether prices have risen nearly 100 percent in the last six weeks in a wild and unabated rally. The lesser-known Grayscale Ethereum Trust has risen to prominence as the asset is now pushing resistance in an all-time high range (ATHs).
According to an updated report released by Grayscale last Friday, Ethereum is now the company’s second-largest asset holding, and following the summer price drop, there is now 3,000,000 Ether (ETH) in Grayscale’s custody.
At the time of writing, 3,000,000 ETH is worth approximately $12 billion. According to reports, the company made $3 billion in profits during the recent Ethereum price rally.
Bitcoin is still the foundation.
According to the company’s report, it has $47 billion in digital assets under management, making it more valuable than Bahrain.
With $32 billion under management, Bitcoin (BTC) remains the backbone of Grayscale’s investment holdings. It is the world’s largest collection of institutional BTC spot positions, accounting for approximately 3% of global circulating supply.
The Bitcoin Trust is primarily used at the institutional level to invest in BTC without actually holding it, with the Grayscale shares representing the underlying Bitcoin’s value. GBCT has traditionally traded at a premium to BTC’s native asset value (NAV), but 2021 has seen a consistent discount relative to the NAV.