Six insurers in Q1 picked up shares of digital currency investment offered by Grayscale. Though the funds did not buy crypto directly, they have positioned themselves in such a way as to gain (or lose) from Bitcoin and Ethereum exposure. Grinnell Mutual Reinsurance Co. in February took up a position in the Bitcoin Trust with a purchase of 18,000 shares at an actual cost of roughly $968,000. Donegal Mutual Insurance Co. subsidiary Atlantic States Insurance Co. added 20,000 shares of that trust in February as well. State Mutual Insurance Co. (GA) was the only insurer to initially acquire shares of both the Bitcoin and Ethereum investment vehicles. The Georgia-based mutual insurer acquired 13,000 shares of Bitcoin Trust and 9,000 shares of Ethereum Trust, at respective costs of approximately $491,000 and $141,500.