Chicago-based buying and selling agency DRW has introduced that it holds $150 million in Ethereum ETFs, making it one in every of its largest investments. Based on a current SEC submitting, the place represents 6% of DRW’s complete portfolio.
In associated information, Cumberland, a cryptocurrency agency affiliated with DRW, has made headlines after transferring a major quantity of Tether in a brief time frame. Over the previous eight days, Cumberland has moved greater than $1 billion value of Tether stablecoins to centralized exchanges (CEX) equivalent to Binance, Coinbase, and Kraken. This exercise was detected by LookOnChain information.
The rise in Tether transfers by Cumberland signifies a strategic transfer to build up property through the market downturn. The exercise started shortly after the worldwide cryptocurrency market skilled a major decline on August 5. Throughout this era, the value of Bitcoin fell beneath $50,000 and the whole market worth of cryptocurrencies fell to $1.8 trillion.
Nonetheless, the SEC submitting didn’t embrace any potential property the corporate bought from cryptocurrency exchanges.
*This isn’t funding recommendation.
