Cathie Wood’s Ark Investment reported holding 639,000 units of Grayscale Ethereum Trust (ETHE) last quarter in what appears to be the largest yet institutional acquisition of the growing cryptocurrency investment vehicle. 

An Ark spokesperson did not immediately return Crypto Investor's request for comment. 

The holdings were reported in Ark’s latest SEC filing, which also shows the investing giant increased its holdings of Grayscale Bitcoin Trust by 1.3 million shares.

Ark’s ether investment was part of an institutional wave cozying up to the cryptocurrency. At least 20 institutional investment managers reported holding ETHE in the first quarter, up from just five in Q3.

Ark’s ETHE holdings, worth about $20.6 million as of this writing, dwarf all other reported holdings. Rothschild Investment Corp., one of the earliest adopters of Grayscale’s Ethereum vehicle, holds about 250,000 shares, according to its latest filing.

Ark now also holds 8.67 million shares of GBTC, which would have a value of approximately $305 million as of this writing.

The holdings are a pittance of Ark’s overall investment war chest, which had a value of more than $50 billion as of March 31, the date of the filing. Ark did not return a request for comment.

Speaking to Bloomberg last week, however, Ark analyst Yassine Elmandjra said they see Ethereum and Bitcoin at the forefront of a financial revolution. 

The investments do, however, show institutional adoption of both Ethereum and Bitcoin is on the rise. 

Grayscale Ethereum Trust last reopened to private investors in February. It currently has more than $12.4 billion assets under management, according to its website.

Much like its bitcoin product, Grayscale Ethereum Trust has largely been trading at a discount to ether since April. 

Cathie Wood’s Ark Investment reported holding 639,000 units of Grayscale Ethereum Trust (ETHE) last quarter in what appears to be the largest yet institutional acquisition of the growing cryptocurrency investment vehicle. 

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