Grayscale operates 10 cryptocurrency investment products focused on institutional investors. As of April 24, the company had $2.7 billion worth of digital assets under management. The Ethereum Trust accounts for $234.7 million of investments while more than $2.3 billion are held in the Bitcoin Trust. Other funds cover BCH, zcash, XRP, and more.
Digital asset manager Grayscale Investments bought about 50% of all newly mined ethereum so far this year. It now holds the equivalent of 1.1% of ETH in circulation, according to a post on Reddit.
As per the post, Grayscale bought 756,539 ETH since the beginning of this year. That’s 48.4% of all coins extracted since the start of 2020. In total, 1,563,245 ether have been mined during this period. The Redditor opined:
Given the recent increase in investments, this percentage could be much larger in the future.
Grayscale has been aggressively stockpiling ethereum. The cryptocurrency asset manager reported that its ETH inflows reached an all-time high during the first quarter of 2020. It said inflows to the Ethereum Trust reached $110 million in the quarter, compared to combined inflows for the previous two years of $95.8 million.
With the Grayscale Ethereum Trust, institutional investors can gain exposure to ETH but without actually owning any coins. This means Grayscale will have to hold large amounts of ether in its portfolio.
There’s also the planned upcoming Ethereum 2.0, which might be leading investors to take positions in ETH. The system upgrade will reward new coins to “validators” holding at least 32 ETH.
The price of ethereum has risen sharply since the March 12 crash, spurred by the network’s imminent switch from proof-of-work to proof-of-stake or the so-called Ethereum 2.0.
ETH is up more than 40% in the last 30 days and about 8% in the last week. At the time of writing, the second-largest cryptocurrency by market cap was down 0.93% to $193.20 over the past 24 hours, according to data from markets.Bitcoin.com.
Google Play Lifts Ban on Ethereum Browser Extension MetaMask
Major Ethereum browser extension and wallet service Metamask has something to celebrate as 2020 kicks off, notifying its users that Google has now reversed its short-lived ban on the browser add-on.
In a tweet posted on Jan. 1 2020, the MetaMask team revealed that:
“Upon careful consideration, Google has permitted The MetaMask mobile app back on the Google Play (Android) store! Thanks to all the believers in an open web for speaking out in our support!”
Google mistook MetaMask for a mining app
MetaMask is a browser extension for Google Chrome that includes a built-in crypto wallet enabling to run Ethereum-based decentralized applications, or dApps, without needing to operate a full Ethereum node.
Google’s u-turn comes just a week after it had suspended the MetaMask Android client on the Google Play App Store, reportedly citing its policy against apps that mine cryptocurrency on mobile devices (which notably doesn’t pertain to MetaMask).
MetaMask had tweeted news of the ban on Dec. 26, adding that its appeal had been rejected by Google Play.
In its new year thread, MetaMask thanked its users for having suggested alternative distribution methods during the Google blacklisting, saying that the “experience has made us more resilient, and as a community, we are stronger for enduring it.”
As reported in late December, a MetaMask contributor has recently alleged that the MetaMask team is “totally overwhelmed” and is not being adequately supported by its parent firm ConsenSys.
The contributor further claimed that the MetaMask team’s workflow was neither transparent nor decentralized, and alleged that the project’s code was “of low quality, full of technical debt.”
In response, MetaMask employee Daniel Finlay refuted what he characterized as the “inflammatory and alarmist” tone of someone who was not a full-fledged team member, though he conceded the accuracy of some of the contributor’s criticisms – particularly in regards to the project’s code.
In his rebuttal, Finlay added that MetaMask was “incredibly grateful to ConsenSys and Joe [Lubin]” for its support of the project.
Alongside Google, YouTube was last month in the center of a crypto-related censorship controversy – one that it then swiftly backtracked on, admitting its “mistake.”