Digital asset manager Grayscale Investments bought about 50% of all newly mined ethereum so far this year. It now holds the equivalent of 1.1% of ETH in circulation, according to a post on Reddit.
Grayscale operates 10 cryptocurrency investment products focused on institutional investors. As of April 24, the company had $2.7 billion worth of digital assets under management. The Ethereum Trust accounts for $234.7 million of investments while more than $2.3 billion are held in the Bitcoin Trust. Other funds cover BCH, zcash, XRP, and more.
As per the post, Grayscale bought 756,539 ETH since the beginning of this year. That’s 48.4% of all coins extracted since the start of 2020. In total, 1,563,245 ether have been mined during this period. The Redditor opined:
Given the recent increase in investments, this percentage could be much larger in the future.
Grayscale has been aggressively stockpiling ethereum. The cryptocurrency asset manager reported that its ETH inflows reached an all-time high during the first quarter of 2020. It said…