Chicago-based financial services firm Rothschild Investment Corporation has acquired more than 265,302 shares of Grayscale Ethereum Trust (ETHE), marking its first investment in ETH, the asset that powers the world’s most widely used blockchain.
Rothschild Investment Corporation bought 265,302 shares of Gray Ethereum stock.
His interest in the ETH trust is $4.75 million and his interest in the BTC trust is now $1.92 million.
– Document Ethereum (@DocumentEther) April 16, 2021
Diving into Ethereum
Rothschild’s shares in the ETH Trust were held at December 31, 2009. Mars is worth over $4.75 million (according to available information).
The company is part of the legendary Rothschild family, a secretive group with interests in global finance, real estate, mining, jewelry, wine production, etc. In the 19th century. In the 19th century, the family owned the largest private fortune in the world, if not of the modern world.
As such, ETHE is one of the many cryptographic trust products offered by Grayscale. These are fully regulated, institutionally focused financial instruments that contain a small amount of cash crypto as part of each share offered to investors.
With unregulated crypto exchanges that can go bankrupt at any time, the product is currently one of the few ways for U.S. institutional investors and family offices to access the growing cryptocurrency market. This place attracts people like Rothschild.
In addition to investing in ETHE, Rothschild increased its position in Grayscale Bitcoin Trust by nearly 8,000 shares to 38,346 shares – up from the 30,454 shares it held at the end of 2020. They’re now worth $1.92 million.
Rothschild Investment Corporation reported today in a statement to the SEC that it owns 38,346 shares of GBTC stock.
In January, it reported owning 30,454 shares.
265,302 shares of Grayscale ETH Trust stock were also reported in today’s filing. This is a new position.
File: https://t.co/K4oeDanl3g https://t.co/SchgmtGzEd
– MacroScope (@MacroScope17) April 15, 2021
The company was the first branded institutional fund to introduce GTC through the Grayscale Trust product.
Growing share of ETH
Most institutional crypto activity is largely limited to Bitcoin, but Ethereum’s strong fundamentals, upcoming technology upgrades, and generally wider use make it a better bet for some investors.
According to a report released last month by analyst firm CoinShares, ETH-related investment products raised a total of $4.2 billion in the first quarter of 2021, more than ever before.
Fund flow data showed that Ethereum is becoming increasingly popular with investors, with inflows of $113 million last week, accounting for nearly 50% of total flows, according to the report.
Some people even buy ETH for cash instead of crypto-cash. Chinese company Meitu, a Hong Kong-listed photo editing app, became the first company to be bought in one day earlier this year, valued at $22 million.
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