Grayscale Investments, LLC has closed a deal of more than 177 million worth of Ethereum. The financial institution bought 104,999 Ether since Tuesday — collecting a total of 3 million ETH, or $5 billion in value. The New-York based financial firm has been buying $100 million ETH a week since December. However, they doubled their buying this week amid the Ethereum’s rally.
Grayscale — the world’s leading digital fund manager had shifted to Ethereum instead of Bitcoin. The company heavily invested in the cryptocurrency last month. Grayscale’s purchase of ETH follows the reopening of the Ethereum Trust to investors. In conjunction with that, the successful fund manager had published a paper on how they value Ethereum. The newly released guide aims to help investors starting with ETH.
Ethereum is leading an astonishing bull rally. Financial institutions and traders fueled the ETH rally after placing heavy orders on the crypto. Based on the height of the triangle’s y-axis, Ethereum could soar another 13% to reach $2,000.