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Rothschild Investment Purchases 250M Shares in Grayscale Ethereum Trust

Rothschild Investment Purchases 250M Shares in Grayscale Ethereum Trust

In a filing with the U.S. SEC, the Chicago-based Rothschild Investment Corp unveiled that it had acquired 265,032 shares in Grayscale’s ETH trust. It also added a significant amount to Grayscale’s Bitcoin Trust Holdings. The firm acquired 265,302 shares of the Grayscale Ethereum Trust, an investment vehicle that provides exposure to Ethereum. In its investment holdings report (Form 13- FHR), the firm announced its shares in the ETH Trust were at $4.75 million on Mar. 31.

This investment surpasses Rothschild Investment’s exposure to Bitcoin. The firm also revealed its holdings of 38,346 shares of GBTC (Grayscale Bitcoin Trust), worth $1.92 million in its SEC filing. Rothschild Investment has been collecting GBTC since 2017, and the current filing displays the firm’s desire for crypto exposure is not quieting down. The founder of Mythos Capital and Bankless, Ryan Adams, an Ether proponent, reflected on the latest move opining that “BTC is the gateway drug to ETH.”

Grayscale Holds 660,000 Bitcoin.

The Rothschild Investment Corp was founded in 1908 by Monroe Rothschild and brother-in-law Samuel Karger and the firm has no associations with the infamous Rothschild family dynasty. As per an earlier filing with the SEC, the firm is one of the pioneers mainstream investment outfits to tinker into cryptocurrencies, holding over $210,000 worth of GBTC back in 2017. Back then, the valuation of Bitcoin was somewhere around $2000 per coin. However, one should not confuse Rothschild Investment with UK-based Rothschild multinational banking group.

Nevertheless, Grayscale is a well-known U.S. digital asset manager that provides institutional exposure to crypto. The firm holds approximately 660,000 bitcoin, which estimates for 3.5% of BTC in circulation. The firm unveiled yesterday that its total AUM (assets under management) has now reached $50.6 billion. Furthermore, its ETH trust, or ETHE, is now up to mover $7 billion worth of AUM, with its shares recently trading at about $24. GTBC has exceeded $41 billion in AUM, and shares are trading at proximately $59. 

Summing it up, the digital currency ecosystem is still comparatively new. The flow of institutional funds by firms such as Rothschild and the other well-known crypto-backers will further fast-track the long-sought shift into the mainstream adoption era.

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