Ethereum-Based Holdings Among Institutions Up 19% in Q3: SEC Filings

Institutional interest in the Grayscale Ethereum Trust continued to grow in Q3, according to new SEC filings from large firms. Meanwhile, Grayscale Bitcoin Trust holdings were down slightly. Read the full article by: Stacy Elliot

Key Points:

• As institutional interest in cryptocurrency grows we will see a decrease in their interest in only buying Bitcoin. That means the next up that institutions can trust as a long term investment is ETH.

• Based on recent SEC filings it is starting to show just that as GBTC shares held by institutions is down 2.6% while their ETH trust has risen 19% in the same quarter. The rise in interest for defi products could be the reason for the growing traditional finance companies are starting to buy in. 10 new firms have disclosed that they are now holding the Grayscale ETH Trust.

• Some firms, including Outlook Wealth management, have completely sold their shares of GBTC and bought shares in a mining software development company. Bitcoin is a one trick pony and smart money is starting to flow into other options.

• While Bitcoin is still the top dog in the crypto space for big institutions it won’t be long before there are more options than just ETH to eat away at its marketshare as the technology continues to improve.