Grayscale Investment, one of the largest cryptocurrency fund managers popular for its Bitcoin Trust has announced a new cryptocurrency trust fund comprising of 5 cryptocurrencies including long-rumored Chainlink, Filecoin, Livepeer, BAT, and Decentraland. The new cryptocurrency trust is also the first since 2019 primarily due to its strict listing protocols based on underlying assets market value and client demand.
ANNOUNCEMENT: 5 new products have been added to the @Grayscale line up!
— Michael Sonnenshein (@Sonnenshein) March 17, 2021
Grayscale Chief Executive Officer Michael Sonnenshein.
“At any one time, we’re probably maintaining a list of what could be 30 products, could be 40 products that we’re interested in bringing to market. We’re trying to always reconcile where we may find compelling opportunities in the digital assets ecosystem and trying to reconcile where investors are interested in deploying capital.”
Grayscale has established itself as the institutional choice of investors to gain exposure to Bitcoin in absence of a Bitcoin ETF in the US. The Grayscale Bitcoin Trust is one of the most sought-after trust funds in the US at present.
Grayscale Looks to Expand its Product Portfolio
As evident from the comments of the CEO of the crypto management firm, Grayscale is looking to expand its product offering to about 30 to 40 products. The current launch of cryptocurrency trusts for five cryptocurrencies seems to be part of the expansion plans. The latest launch takes the total number of products to 13 with Bitcoin trust holding the largest share worth $34 billion.
There were rumors of a possible Grayscale Link Trust but many were taken by surprise with the inclusion of Filecoin, a storage token. However, Sonnenshein reassured that many of Grayscale products have proven to be ahead of their time and the same could prove in the case of the recently listed products. He said,
“There are many Grayscale scale products that have historically been a little bit before time.”
Grayscale is also possibly working towards launching its own Bitcoin ETF as evident from its recent job postings with 7 openings for ETF-related posts.