Grayscale Ethereum Trust Returns to Accredited Investors and Traders
Major crypto asset management firm, Grayscale has announced that its Grayscale Ethereum Trust is now open again. It resumed its shares’ private placement after shutting down in December and five other trusts amid a historic Ethereum bull run.
Users can buy and sell shares of Grayscale’s publicly traded Ethereum Trust. This avenue provides exposure to the largest decentralized smart contract platform without worrying about storage, security, or regulatory concerns.
A Grayscale spokesperson said that the Trust’s private placement is offered periodically all year round through a tweet. Now it will be available to accredited investors for a daily subscription. He added that all of Grayscale’s funds are regularly closed for administrative purposes.
Increase in Assets
By Jan. 29, the Grayscale Ethereum Trust had more than $4 billion in assets under management. The Digital asset manager registered five new trusts for cryptocurrency assets last week, linked to the decentralized finance (DeFi) space.
Grayscale offers various trusts for investors seeking exposure in cryptos like Bitcoin (BTC, +2.53%) and ether (ETH, +7.46%) without the challenges of buying and storing the cryptocurrency directly.
Ethereum has not only rallied to an all-time high last month but also had several other noteworthy achievements.
The coin ended the month at $1,313, beating the summer of 2019 record and confirming the 20-month moving average over the 50-month moving average. The latter is a relatively bullish pattern from the price-performance perspective. Investors realized the highest monthly close in history.
Ethereum is gracing February with a market cap of over $151 billion, just below 15% of all cryptocurrencies’ value. BTC and ETH have a collective dominance of 75%, leaving the rest of the pack well behind.
As Money Movers‘ data shows, Ethereum has outmatched Bitcoin in the daily transferred value, reaching $19.1 billion per day versus the latter’s $9.78 billion because of several factors, including the trading volumes on decentralized exchanges (DEX). According to Dune Analytics data, these surged by 135% in the last 30 days, surpassing the $54 billion mark.
According to the recent letter to investors, more institutional exposure is expected through the Grayscale Ethereum Trust. These will also be available through Galaxy Digital’s Ethereum-focused funds.
For now, no one can tell how long Grayscale will keep its Ethereum Trust open for investment, as it has decided to shut it down before. But with billions of dollars in Ethereum alone, Grayscale is poised to continue to dominate the space and grow along with the increased interest in cryptocurrencies.