Grayscale Launches Two New Investment Trusts for Crypto Investors
Grayscale, a prominent crypto asset manager and spot Bitcoin ETF issuer, has recently unveiled two new investment trusts to cater to institutional investors looking for diversified exposure to cryptocurrencies. The newly launched trusts, known as Grayscale Near (NEAR) Trust and Grayscale Stacks (STX) Trust, are part of the company’s strategy to meet the increasing demand for crypto investment products.
Grayscale’s Focus on Blockchain Scalability
Rayhaneh Sharif-Askary, the Head of Product & Research at Grayscale, emphasized the company’s dedication to introducing innovative products that allow investors to tap into new segments of the crypto ecosystem. By addressing the scalability issues inherent in blockchain technology, the Near Trust and Stacks Trust are poised to drive wider adoption of cryptocurrencies and contribute to the overall development of the crypto industry.
- Grayscale launches two new investment trusts for institutional investors
- Newly introduced trusts aim to offer diversified exposure to cryptocurrencies
- Near Trust and Stacks Trust target emerging segments of the crypto ecosystem
Investors, both individual and institutional accredited, can now subscribe to both trusts on a daily basis. Similar to Grayscale’s existing single-asset investment products like the Grayscale Bitcoin Trust (GBTC), the Near Trust and Stacks Trust focus specifically on the tokens associated with the Near Protocol and Stacks Bitcoin Layer 2 (L2).
- Eligible investors can subscribe to Near Trust and Stacks Trust daily
- Both trusts concentrate on tokens underlying Near Protocol and Stacks L2
- Shares of new products may be listed on a secondary market
Grayscale intends to list the shares of these new trusts on a secondary market but acknowledges that success is not guaranteed due to regulatory considerations from entities such as the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).
Outflows Amid Rising Demand for Bitcoin ETFs
In addition to launching the new investment trusts, Grayscale also announced the appointment of Peter Mintzberg as its incoming CEO, succeeding Michael Sonnenshein. Grayscale has been a key player in the US spot ETF landscape, witnessing consistent outflows since trading commenced in January. However, Bitcoin spot ETFs in the US reported a net inflow of $153.9 million on May 22, marking an eight-day growth streak.
- Grayscale appoints Peter Mintzberg as the new CEO
- Bitcoin spot ETFs in the US experience significant inflow on May 22
- GBTC sees outflows for the first time in over a week
As institutional investors now have more options for diversified crypto exposure with the introduction of the Near Trust and Stacks Trust, it’s crucial for investors to be mindful of the risks associated with investing in such products. These risks include regulatory uncertainties and potential fluctuations in share value.
Price Movements of STX and NEAR
As of the latest data, STX is trading at $1.99, representing a decrease of over 4% in the last 24 hours. This price decline aligns with a broader correction observed in Bitcoin and other major cryptocurrencies following a significant surge earlier in the week. Similarly, NEAR is currently trading at $7.56, indicating a 3.4% decrease compared to the previous day’s price.
Hot Take: Assessing Grayscale’s New Investment Trusts
Grayscale’s launch of the Near Trust and Stacks Trust underscores the company’s commitment to offering innovative investment products to meet the evolving needs of institutional investors. As the crypto market continues to mature, these new trusts provide investors with additional opportunities for diversified exposure to cryptocurrencies.
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