2 November 2024
Grayscale Buys Half Of Ethereum Mined In 2020
As per the report, the Grayscale Investments firm has purchased nearly half of the newly mined Ethereum (ETH) in 2020. The firm has seen a spike in institutional investment where some are ready to buy into the trust at a hefty premium.
The calculation of Nootropicat on Reddit showed that Grayscale Ethereum Trust (ETHE), a publicly-traded fund that tracks the price of ETH, has bought 756,540 ETH since December 31, 2019. This figure portrays nearly 48.4% of the total ether mined in 2020.
The buying and the rise in outstanding shares show similarity and Grayscale experienced record inflows in the first quarter. This year ETHE has added new 8 million shares and that brings in a total of 13.27 million right now.
The shares are trading for $96 that means each share stands for 0.09425 ETH (~$18.36) at present and it takes the share trading at a 423% premium. It shows a huge bounce from 220% premium to 423% premium where investors paid a 220% premium in February.
The notable premium suggests Grayscale’s Ethereum offering continues to be one of the most popular ways for mainstream investors to participate in the cryptocurrency market without having to buy crypto directly.
The outstanding premium indicates that Grayscale’s Ethereum offering can be a popular way where investors can participate in the cryptocurrency market without having to buy crypto directly.
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