Chicago-based trading firm DRW has announced that it holds $150 million in Ethereum ETFs, making it one of its largest investments. According to a recent SEC filing, the position represents 6% of DRW’s total portfolio.
In related news, Cumberland, a cryptocurrency firm affiliated with DRW, has made headlines after moving a significant amount of Tether in a short period of time. Over the past eight days, Cumberland has moved more than $1 billion worth of Tether stablecoins to centralized exchanges (CEX) such as Binance, Coinbase, and Kraken. This activity was detected by LookOnChain data.
The increase in Tether transfers by Cumberland indicates a strategic move to accumulate assets during the market downturn. The activity began shortly after the global cryptocurrency market experienced a significant decline on August 5. During this period, the price of Bitcoin fell below $50,000 and the total market value of cryptocurrencies fell to $1.8 trillion.
However, the SEC filing did not include any possible assets the company purchased from cryptocurrency exchanges.
*This is not investment advice.