Rothschild Investment Corp has just recently purchased $4.75 million of Ethereum and got exposed to the asset via Grayscale as we can see more in our latest Ethereum news today.
Chicago-based company Rothschild Investment Corp purchased $4.75 million in ETH or about 265,302 shares of the Grayscale Ethereum Trust, marking the first investment of its kind. Rothschild’s shares in the ETH trust were worth over $4.75 million as per the filing. The company is a part of the Rothschild family which is a secretive group that has many interests in global finance, jewelry, mining, and winemaking. The family possessed the biggest private fortune in the world in the 19th century and the modern world as well.
Rothschild Investment Corporation
bought 265,302 shares of the Grayscale Ethereum Trust.
Its holdings in the ETH trust are worth $4.75 million and its holdings in the BTC trust are worth $1.92 million now.
— Documenting Ethereum 🧾 (@DocumentEther) April 16, 2021
The ETHE is one of the many crypto-backed “trust” products offered by Grayscale which are fully regulated and financially focused instruments that hold a small amount of spot crypto as a part of the shares offered to investors. The product is now one of the only ways, unlike unregulated exchanges that could go bust at any point for institutional investors and family offices in the US to gain more exposure to the crypto market. This arrangement attracted the likes of Rothschild.
In addition to the ETHE investment, the corporation upped its position in the Grayscale Bitcoin Trust by about 8000 shares to 38,346 shares which is an increase of over 30,454 that is held at the end of 2020 as they are worth over $1.92 million. The company became the first name-brand institutional fund to seek more ETH exposure via the Grayscale trust product. The crypto activity is limited to Bitcoin alone but the ETH strong fundamentals and upcoming technological updates with an overall wider-use case starting to make it a better bet for the investors.
In an SEC filing today, Rothschild Investment Corporation reported owning 38,346 shares of GBTC.
In January, it reported owning 30,454 shares.
Today’s filing also reported 265,302 shares of Grayscale ETH Trust. This is a new position.
— MacroScope (@MacroScope17) April 15, 2021
According to a report by CoinShares last month, ETH-related investment products attracted about $4.2 billion inflows in Q1 2021 which is the highest-ever level on record. In the report it said:
“Fund flows data highlighted Ethereum as being increasingly popular amongst investors with inflows of $113 million last week, comprising almost 50% of total flows.”
Some are even buying spot ETH instead of the other financial instruments with Chinese company Meitu become the first company earlier this year to do so and purchased $22 million worth of the asset in one day.
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