Taking a look back at some years ago, one would typically not get worried about the number of digital assets a trader decides to accumulate because the value was very much. But with the speed at which Bitcoin and other digital assets have moved over the years, one needs to be currently in the know about certain huge investments made in the digital assets market.
In a new event that will be regarded as a win for digital assets, one famous investment firm has made a massive adoption of the second leading digital asset in the crypto market, Ethereum. The firm in question, Grayscale announced that it had made a massive $74 million purchase for its Ethereum Trust.
Grayscale has previously purchased Bitcoin worth $280 million
This Ethereum purchase is coming off the back of a recent Bitcoin purchase worth $280 million last week as Grayscale is currently in the know that investors prefer digital assets to other assets class in the financial sector. According to a recent report that was filed with the United States Securities and Exchange Commission, Grayscale noted that it purchased a total of 11,455 Ethereum which was worth about $74,135,609.
This recent huge purchase is regarded as a win for the digital asset as it has seen its price skyrocket due to the hype that was born out of the DeFi sector which saw multitudes of projects take over the space. Another reason behind the success of Ethereum according to analysts is the development and launch of the Ethereum 2.0, which has received massive applause by members of the crypto community.
Also read:According to Grayscale, the buying of the tokens were facilitated by popular United States Trading platform, Genesis Trading. This recent purchase of Ethereum has once again stamped the fact that institutional investors are very much interested in the digital asset, which is a good thing for Ethereum.
Grayscale says its market is independent
Unlike other investment platforms around the United States, Grayscale provides it, customers and users, with a safe and easy platform to trade and invest on because they are duly registered and licensed by authorities in the country. Also, Grayscale has noted that this Ethereum Trust is registered with the Securities and Exchange Commission and it is the only safe way for users and traders to invest in Ethereum.
Investors are allowed to buy a share on Grayscale and hold them on the trust for a long duration of time, and they can sell them in the secondary market after the long period. Grayscale says that it is not involved in the market and cannot buy back shares that its clients have bought because the market is an independent one.
Also, the investment firm notes that due to the market being independent, the price of assets are volatile, and users will need to keep watch if they are to gain profits from it. This means that the investment platform is for only those who are very versatile in investment as amateurs who cannot read the market would stand to lose so much except they have the guide of an expert.
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