The Galaxy Institutional Ethereum Fund has bought $75.6 million eth according to a filing with the Securities and Exchanges Commission.
The purchase was on behalf of 21 investors, each with a minimum of $100,000 invested.
“The Funds invest directly in Ether and are priced based on the Bloomberg Galaxy Ethereum Index (‘ETH’),” Galaxy said.
Gemini acts as a custodian with Galaxy having $1.7 billion in assets under management.
Goldman Sachs may be one of the investors on behalf of their clients as they began offering the eth fund back in March.
This comes amid some bullishness in eth ahead of the Merge upgrade to full Proof of Stake expected in September.
The $75 million investment is also one of the biggest since early 2021, indicating that institutional investors may be returning to the crypto space.
A further Galaxy Benchmark Crypto Index Offshore Fund also bought $3.25 million on behalf of ten investors, showing eth is currently attracting far more attention.