Grayscale, a crypto asset manager and issuer of spot Bitcoin exchange-traded funds (ETFs), has expanded its offering by launching two new investment trusts.
These trusts, named Grayscale Near (NEAR) Trust and Grayscale Stacks (STX) Trust, aim to provide institutional investors with diversified exposure to cryptocurrencies as the company continues to meet the growing demand for crypto assets. investment products.
Grayscale targets blockchain scalability
Rayhaneh Sharif-Askary, head of product and research at Grayscale, highlighted the company’s commitment to launching new products that allow investors to access “emerging segments” of the crypto ecosystem.
According to Thursday’s announcementBy addressing blockchain scalability challenges, Near Trust and Stacks Trust are expected to drive greater adoption of cryptocurrencies and contribute to the advancement of the entire crypto ecosystem.
Both trusts are now available for daily subscription to eligible qualified individual and institutional investors. Similar to Grayscale’s existing single-asset investment trusts, such as the Grayscale Bitcoin Trust (GBTC), the Near Trust and Stacks Trust are among the first investment products to focus exclusively on the tokens underlying the Near Protocol and Stacks. Bitcoin Layer 2 (L2).
Grayscale is seeking to list shares of these new products on a secondary market, but the asset manager emphasizes that success is not guaranteed due to various factors, including regulatory considerations agencies such as the United States Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).
Exits Amid Growing Demand for Bitcoin ETFs
In addition to launching the new investment trusts, Grayscale recently announcement the appointment of Peter Mintzberg as new CEO, effective August 15, 2024, succeeding Michael Sonnenshein.
Grayscale has played a significant role in the US spot ETF landscape, seeing continued outflows since trading began in January. However, Bitcoin spot ETFs in the United States experimented a net inflow of $153.9 million on May 22, marking an eight-day growth streak.
In contrast, GBTC saw outflows for the first time in over a week, losing $16.09 million and resuming its outflow streak.
As the asset manager introduces Near Trust and Stacks Trust, institutional investors now have additional options for diversified crypto exposure. However, investors should be aware of the risks associated with investing in such products, including regulatory uncertainties and potential deviations in share values.
At the time of writing, STX is trading at $1.99, indicating a drop in value of over 4% over the past 24 hours.
This price decline aligns with a broader correction seen in Bitcoin and other major cryptocurrencies following a significant increase during the first trading days of the week. Likewise, NEAR is currently trading at $7.56, reflecting a 3.4% decline from yesterday’s price.
Featured image from Shutterstock, chart from TradingView.com
