Ark Investment Invested $20 Mln in Grayscale Ethereum Trust

Ark Investment has reported holding 639,069 shares of the Grayscale Ethereum Trust, which is currently valued at $20.9 mln. The news of Ark's massive investment in Ethereum was taken as a bullish sign by Ethereum and DeFi supporters. Ark also recently acquired 259,897 shares of Coinbase through the Ark Innovation ETF and ARK Next Generation Internet ETF for over $62 mln.

Institutional managers bought $30.2 mln worth of Ethereum at the end of April, bringing their total assets to a record high of $13.9 bln. Despite the hype surrounding buying ETH, Ark's Q1 report to the SEC showed that the company's portfolio is still heavily biased in favor of Bitcoin. Ark said it owns 8.6 mln shares of the Grayscale Bitcoin Trust, worth more than $298 mln to date.

TradingView data shows that the Grayscale Ethereum Trust has been far more profitable compared to the Grayscale Bitcoin Trust in 2021. Grayscale Ethereum Trust's share price has surged 179% this year, from $11.70 on January 4th to $32.70 today. Grayscale Bitcoin Trust's share price rose just 1.7% over the same time period, from $33.80 on January 4th to $34.38 today.

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