{"id":131669,"date":"2020-04-27T17:00:23","date_gmt":"2020-04-27T16:00:23","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=131669"},"modified":"2020-04-27T11:57:23","modified_gmt":"2020-04-27T10:57:23","slug":"this-multibillion-dollar-crypto-fund-purchased-over-140-million-worth-of-ethereum-in-2020","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/this-multibillion-dollar-crypto-fund-purchased-over-140-million-worth-of-ethereum-in-2020\/","title":{"rendered":"This multibillion dollar crypto fund purchased over $140 million worth of Ethereum in 2020"},"content":{"rendered":"<p><a href=\"https:\/\/grayscale.co\/\">Grayscale Investments<\/a>, the investment arm of <a href=\"https:\/\/cryptoslate.com\/companies\/digital-currency-group\/\">Digital Currency Group<\/a>, has picked up a majority of all ether mined in 2020. The metric indicates massive institutional interest in <a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\">Ethereum<\/a>, which is soon moving to a <a href=\"http:\/\/cryptoslate.com\/cryptos\/pos\">Proof-of-Stake protocol<\/a>.<\/p>\n<h2>Picking up the ETH pennies<\/h2>\n<p>Grayscale\u2019s \u201cEthereum Trust\u201d fund handles over $284 million in an index fund offered to institutional investors that track Ethereum\u2019s long-term price movements while protecting against volatile drawdowns.<\/p>\n<p>As per <a href=\"https:\/\/grayscale.co\/ethereum-trust\/#overview\">documents published<\/a> on its site, Grayscale purchased approximately 756,540 ETH in 2020, a figure representing over 40 percent of all ether mined this year. The remaining 1.5 million ether are held by miners or crypto exchanges, assuming no ether was sold to retail investors.<\/p>\n<p>Each share of the fund is backed by 0.09 ETH, meaning investors must hold over 11 shares for a net exposure of 1 ETH. Outstanding shares are reported at 13.25 million, and Grayscale charges investors the industry-standard 2.5 percent as management fees on total assets.<\/p>\n<p>The fund has outperformed a buy-and-hold strategy thus far; investors holding ETH gained 16 percent in 2020, largely in part due to the run in recent weeks. In comparison, trust fund holders gained 155 percent \u2014 almost tripling their investment.<\/p>\n<figure id=\"attachment_126301\" aria-describedby=\"caption-attachment-126301\" style=\"width: 480px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/cryptoslate.com\/near-majority-of-ethereum-holders-in-profit-as-grayscale-investors-increasingly-allocate-to-eth\/\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-126301\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/02\/ethereum-allocation-1024x538.jpg\" alt=\"Near-majority of Ethereum holders in profit as Grayscale investors increasingly allocate to ETH\" width=\"480\" height=\"252\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/02\/ethereum-allocation-1024x538.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/02\/ethereum-allocation-300x158.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/02\/ethereum-allocation-768x403.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/02\/ethereum-allocation.jpg 1200w\" sizes=\"(max-width: 480px) 100vw, 480px\" \/><\/a><figcaption id=\"caption-attachment-126301\" class=\"wp-caption-text\">Related: <a href=\"https:\/\/cryptoslate.com\/near-majority-of-ethereum-holders-in-profit-as-grayscale-investors-increasingly-allocate-to-eth\/\">Near-majority of Ethereum holders in profit as Grayscale investors increasingly allocate to ETH<\/a><\/figcaption><\/figure>\n<p>However, holding ETH gained 36 percent for investors in the past month, compared to just 13 percent for fundholders, indicating Grayscale\u2019s strategies do not react quickly to market changes and may falter in volatile and sideways markets.<\/p>\n<h2>Ethereum 2.0 exposes nefarious financial behavior<\/h2>\n<p>Critics <a href=\"https:\/\/www.reddit.com\/r\/ethtrader\/comments\/g8ccoy\/grayscale_ethereum_trust_bought_484_of_all_mined\/?utm_medium=android_app&utm_source=share\">note a move<\/a> to Ethereum 2.0 would present opportunities for crypto funds holding significant amounts of cryptocurrencies, such as Grayscale. Under the future staking model, ether holders would earn a significant fixed-income in the digital currency relative to staked amounts, meaning entities would be incentivized to stake rewards instead of cashing out.<\/p>\n<p>Such behavior, however, leads to conglomerates holding the majority of ether rewards, theoretically leading to centralized financial incentives and the ability to move the digital currency\u2019s markets at will. Unlike Bitcoin\u2019s mining model \u2014 where miners dump reward holdings continually to make up for electricity and computing cost \u2014 funds like Grayscale could dump massive amounts of ETH in a single day, leading to additional volatility and deflated prices.<\/p>\n<h2>ETH priced at 400 percent above current levels<\/h2>\n<p>Issued in June 2019 and traded over-the-counter (OTC) under <a href=\"https:\/\/www.bloomberg.com\/quote\/ETHE:US\">ticker name ETHE<\/a>, the trust fund reached a high of $600 per share followed by a rapid single-day decline on June 24, 2019, but dropped rapidly since. The ETF traded at $40-$60 during most of 2019 but rose to over $140 as the broader Ethereum market enjoyed gains. ETHE trades $92 at press time.<\/p>\n<p>Grayscale seems bullish on its outlook for Ethereum if premiums are considered. The fund\u2019s ratio of share price and exposure to ETH puts the latter at a value 400 percent above current prices \u2014 or over $900 per ETH as per Grayscale\u2019s models.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Grayscale Investments, the investment arm of Digital Currency Group, has picked up a majority of all ether mined in 2020. The metric indicates massive institutional interest in Ethereum, which is soon moving to a Proof-of-Stake protocol. Picking up the ETH pennies Grayscale\u2019s \u201cEthereum Trust\u201d fund handles over $284 million in an index fund offered to [&hellip;]<\/p>\n","protected":false},"author":65,"featured_media":131682,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,61713,6849],"tags":[60923],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>This multibillion dollar crypto fund purchased over $140 million worth of Ethereum in 2020<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/this-multibillion-dollar-crypto-fund-purchased-over-140-million-worth-of-ethereum-in-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"This multibillion dollar crypto fund purchased over $140 million worth of Ethereum in 2020\" \/>\n<meta property=\"og:description\" content=\"Grayscale Investments, the investment arm of Digital Currency Group, has picked up a majority of all ether mined in 2020. The metric indicates massive institutional interest in Ethereum, which is soon moving to a Proof-of-Stake protocol. Picking up the ETH pennies Grayscale\u2019s \u201cEthereum Trust\u201d fund handles over $284 million in an index fund offered to [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/this-multibillion-dollar-crypto-fund-purchased-over-140-million-worth-of-ethereum-in-2020\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-27T16:00:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-27T10:57:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/ethereum-sky-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Shaurya Malwa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shaurya Malwa\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/this-multibillion-dollar-crypto-fund-purchased-over-140-million-worth-of-ethereum-in-2020\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/this-multibillion-dollar-crypto-fund-purchased-over-140-million-worth-of-ethereum-in-2020\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#person\",\"name\":\"Shaurya Malwa\",\"url\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"caption\":\"Shaurya Malwa\"},\"jobTitle\":\"Analyst\",\"description\":\"Post-mining his first bitcoin in 2012, there was no looking back for Shaurya Malwa. 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An economics graduate from the University of Wolverhampton, he breathes financial markets and decentralized ideologies. When not writing, Shaurya works on his culinary skills, trades the big three cryptocurrencies, and surfs airplane blogs.","url":"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/"}]}},"_links":{"self":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/131669"}],"collection":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/users\/65"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/comments?post=131669"}],"version-history":[{"count":6,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/131669\/revisions"}],"predecessor-version":[{"id":131684,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/131669\/revisions\/131684"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media\/131682"}],"wp:attachment":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media?parent=131669"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/categories?post=131669"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/tags?post=131669"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/post_folder?post=131669"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}