Grayscale Ethereum Trust (ETHE) Finally Opened to Investors After Over a Month
Grayscale, the largest digital asset manager, has resumed the private placement of the shares of its Ethereum Trust (ETHE).
“The Trust’s private placement is offered on a periodic basis throughout the year and is now available to accredited investors for daily subscription,” noted Grayscale Investment.
This is bullish news for Ethereum as it’s been 40 days that any new ETH has been added by Grayscale. It was on Dec. 22nd that Grayscale last purchased 131.25k ETH.
In the meantime, the premium of shares has fallen to 6.27% from the high of 269% last month, as a result of shares being released into the market following the end of their six-month lock-up period,
As of writing, ETHE has $4 billion assets under management (AUM) with 2.93 million ETH in its holding, representing 2.5% of Ether’s circulating supply.
This could result in huge inflows in EHE in the following weeks as Grayscale’s Bitcoin Trust purchased 41.2k BTC in the past three weeks, right after GBTC was opened to the accredited investors.
Interestingly, on top of this, CME will be launching the Ether futures on Feb 8th and combined together, they could bring a herd of institutional investors into Ethereum as well.
This can further give the much-needed push Ether has been in need of. The second-largest digital asset broke into a new all-time high a couple of weeks back, but Ether’s price discovery is lacking the same momentum as of Bitcoin BTC 1.02% Bitcoin / USD BTCUSD $ 47,813.70
$487.701.02% Volume 40.85 b Change $487.70 Open $47,813.70 Circulating 18.65 m Market Cap 891.55 b 17 h Burn Ethereum Fees: EIP1559 Accepted into the London Hard Fork, Coming This July 17 h Bitcoin Users On-Chain Growing at “Insane Rates,” Majority of Noobs Not Even Counted 20 h Grayscale Bitcoin Trust (GBTC) Discount Signals A March to $100,000 per BTC: Report , which surged to $42,000, double its previous ATH, in less than a month.
As of writing, ETH is trading around $1,316, down from yesterday’s push to about $1,450 in tandem with bullish Bitcoin.