Just-In: Grayscale Launches Two New Crypto Funds Amid Ether ETF Doom
Highlights
- Grayscale launched two new crypto investment products.
- The investment firm rolled out the Grayscale Sui Trust and Grayscale Bittensor Trust.
- Both products will invest in respective tokens to meet wider demand.
Grayscale has launched a Bittensor Trust and Sui Trust growing its list of crypto investment products. The investment manager noted that this is in line with goals to increase investor demand amid a growing user exposure to crypto assets. Users remain optimistic after previous outflows from Bitcoin and Ethereum-based products.
Grayscale Announces Bittensor and Sui Trust
Grayscale rolled out two new crypto products today citing wider market reach among others. In an Aug 7 press release, the firm noted that the Bittensor Trust and Sui Trust will focus on investing in both assets respectively opening up the products for eligible individual and institutional investors.
Rayheneh Sharif-Askary the head of products highlighted growth and positivity in the launch of both products. “With the launch of Grayscale Bittensor Trust and Grayscale Sui Trust, we continue to provide investors with familiar products that enable access to tokens at the cutting edge of the crypto ecosystem’s continued evolution.”
He pointed at Bittensor’s growth in decentralized Artificial Intelligence (AI) and Sui’s role in reshaping the future of smart contract blockchains. For the former, it will be invested TOA which helps leverage trust for open source AI while the latter seeks to reposition networks. According to the release, both products will function like the previously launched trusts solely for the above-listed tokens.
“The Trusts function like existing suite of single-asset investment trusts, and each is among the first investment products solely invested in the tokens underpinning the Bittensor Protocol (TAO) and Sui (SUI).”
Also Read: BlackRock Ethereum ETF Nets $108M Inflows As Nasdaq Seeks ETHA Options Trading
Firm’s Products Wobbles
Grayscale is popular among crypto market spaces for investments in the sector and the landmark judgment against the Securities and Exchange Commission (SEC) is believed to usher in spot crypto ETFs. However, its spot crypto ETFs have not performed as anticipated due to high fees compared to others. Its spot Bitcoin product, GBTC posted outflows hitting over a billion as funds moved to newer products. Its Ethereum ETF (ETHE) also witnessed a similar fate.
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