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Grayscale Investments Reveals $90M Bet on Ethereum Classic (ETC)



ETC comprises the second largest holding in the portfolio of crypto funds manager Grayscale Investments.

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

Grayscale Investments, which is part of Barry Silbert’s Digital Currency Group, has eight crypto funds in its portfolio, where the prime targets are institutional and accredited investors.

The firm revealed via Twitter that it now manages over $1.5 billion in digital assets — up from $1.4 billion reported in July. While Bitcoin (BTC) makes up approximately $1.38 billion of Grayscale’s crypto holdings, Ethereum Classic is now the second largest possession of the firm. Following ETC in the list of Grayscale holdings are Zcash (ZEC), Ethereum (ETH), Bitcoin Cash (BCH), Ripple (XRP) and Litecoin (LTC).

Grayscale revealed in its Digital Asset Investment Report last month that $248.39 million has been poured in its crypto investment offerings in the first half of 2018 alone, marking the “strongest inflows of any six month stretch in the history of [its] business.”

The report further revealed that the company’s Bitcoin Investment Trust is up by 4,107.1% since it launched in 2013, but 59.8% down in the first six months of 2018. The Ethereum Classic fund has seen an increase of 270.3% since its inception, but a 47.7% decline in the January-June period.

The rest of Grayscale’s investment products recorded similar performance, in line with the general crypto market trend following December’s surge, when Bitcoin reached a record high of $20,000. The original coin has lost some 40% of its value since then, dragging along the altcoin market.

ETC price run

The Grayscale announcement came on the heels of the recent ETC price run from around $14 to as high as $20 with a market capitalization of over $2 billion. The coin surpassed the market cap of NEO (NEO) and Monero (XMR), climbing to the number 12 spot in the cryptocurrency chart. However, the surge was short-lived, with ETC dropping back to the 13th position and losing 0.35% to $15.12 in the past 24 hours, according to Coins.Online data.

Investor sentiment has been boosted in recent days by a flurry of exchange listing announcements. US-based stock and crypto trading app Robinhood added support for Ethereum Classic on Monday, just a day before rival Coinbase listed the coin on its Coinbase Pro platform.

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