Grayscale invests in altcoins amidst growing institutional interest in Bitcoin

Grayscale invests in altcoins amidst growing institutional interest in Bitcoin
March 03
13:11 2021

Grayscale Investments made several large investments into altcoins, including Ethereum, Litecoin, and Stellar Lumens. According to BTCManager.com, the company purchased 243,519 ETH, 35,855,625 XML, and 174,939 LTC in the past month. It is worth noting that the amount of Litecoin bought by Grayscale comes up to 80% of all Litecoins mined in January, the source says.

ETH has seen about 5% growth in the past 24 hours and is trading at around $1,600 at the time of writing. Litecoin’s price has increased by about 7% in the past 24 hours and the coin is trading at around $195. Stellar’s price has increased by about 2.8% and it is currently trading at $0.43.

Grayscale is a company providing investment products for digital currency investing since 2013. Last week, it announced the interest in expanding its product offerings by considering 23 cryptocurrencies, as per a press release.  

Lately, interest in cryptocurrencies has been growing among institutional investors. Several large organizations either expanded their crypto holdings or purchased Bitcoin for the first time. Tesla invested $1.5 billion into Bitcoin while MicroStrategy’s total investment has already reached 90,859 BTC.  

Bitcoin is slowly recovering from the dip to around $44,000 on February 28. It is trading at about $52,300 at the time of writing.

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