Grayscale investments reveal a $ 90 million bet on Ethereum Classic (ETC)


ETC includes the second largest holding in the portfolio of cryptographic funds managers Grayscale Investments.


Crypto management company Grayscale Investments reported on Thursday about $ 90 million in the holdings of Ethereum Classic (ETC).

Grayscale Investments, which is part of Barry Silbert's Digital Currencies Group, has eight cryptographic funds in its portfolio, in which the main objectives are institutional and accredited investors.

The company revealed via Twitter which now manages over $ 1.5 billion of digital assets – from $ 1.4 billion reported in July. While Bitcoin (BTC) makes up about $ 1.38 billion of Grayscale's cryptographic properties, Ethereum Classic is now the company's second largest possession. Following ETC in the list of grayscale participations are Zcash (ZEC), Ethereum (ETH), Bitcoin Cash (BCH), Ripple (XRP) and Litecoin (LTC).

Grayscale revealed in its report on digital investments last month that $ 248.39 in its first half of 2018, millions of dollars have been poured into its cryptic investment offer, marking "the largest flows of six months in the history of business [its] ".

The report also revealed that the Bitcoin Investment Trust company has grown by 4.107.1% since it was launched in 2013, but 59.8% less in the first six months of 2018. The Ethereum Classic fund has seen an increase of 270.3% from the beginning, but of 47.7% down in the January-June period.

The rest of Grayscale's investment products recorded similar performance, in line with the general trend of the crypto market after the December wave, when Bitcoin reached a record high of $ 20,000. The original currency has lost around 40% of its value ever since, dragging along the highland market.

ETC Price Race

The grayscale announcement came after the recent ETC price from around $ 14 to $ 20 with a market capitalization of over $ 2 billion. The currency has exceeded the market capitalization of NEO (NEO) and Monero (XMR), rising to point 12 in the ranking of cryptocurrencies. However, the wave was short-lived, with ETC falling to 13th place and losing 0.35% to $ 15.12 in the last 24 hours, according to Coins.Online.

Investor sentiment has been boosted in recent days by a whirlwind of exchange list announcements. Robinhood added support for Ethereum Classic on Monday, just a day before rival Coinbase listed the coin on its Coinbase Pro platform.

Source link