As a follow up on institutional investors scrambling for every available Bitcoin, the world’s largest crypto investment firm, Grayscale, has added another $100 million in bitcoin and ether to its portfolio.
Data from crypto analytics firm, Bybt, revealed that Grayscale topped up with 131,402 Ethereum (equivalent to $74 million) and 1,313 bitcoin ($24 million) on December 9. Both investments happened within a 24-hour timeframe. This is coming after the investment company added around $1 billion to its crypto assets under management in October 2020.
The purchase once again confirms the narrative that institutional interest for digital assets is on the rise. A few days ago, leading insurance company, MassMutual, ventured into the crypto space with a purchase of $100 million in bitcoin. Meanwhile, MicroStrategy is increasing its bitcoin stash. To cap it all, JPMorgan predicts that Bitcoin could see an investment of $600 billion in the coming years.
According to Bybt, Grayscale has over $10 billion in bitcoin and more than $1.7 billion in Ethereum under its management. As of October, the company held around 2% of the total Ethereum and Bitcoin in circulation.