Grayscale Investments has unveiled two new cryptocurrency investment trusts that provide exposure to Bittensor and Sui.
The newly launched funds, named the Grayscale Bittensor TAO Trust and the Grayscale Sui Trust, will focus on the native tokens of these respective blockchain protocols. Grayscale, known for its spot Bitcoin and Ethereum ETFs, announced the addition of these products via a press release on August 7.
“We're thrilled to expand our offerings with Bittensor and Sui. Bittensor plays a pivotal role in the expansion of decentralized AI, while Sui is setting new standards for smart contract blockchains,” said Rayhaneh Sharif-Askary, Grayscale’s Head of Product & Research.
Bittensor is a protocol designed to drive a decentralized AI ecosystem and marketplace. On the other hand, Sui operates as a layer-1 blockchain, revolutionizing digital asset ownership.
Other Grayscale Crypto Trusts
Grayscale continues to offer a broad selection of crypto investment products that allow investors to gain exposure to various digital assets without the complexity of directly purchasing or storing cryptocurrencies.
The addition of Sui and Bittensor to Grayscale's portfolio complements its existing single-asset trusts. These products are similar to those that offer investment opportunities in Solana, Bitcoin Cash, Chainlink, Filecoin, Litecoin, Zcash, and other popular cryptocurrencies.
Grayscale’s TAO and SUI Trusts Cater to Accredited Investors
According to the August 7 announcement, the Sui and Bittensor trusts are available through private placements, meaning only accredited institutional investors can access them through well-established investment structures.
“With the launch of the Grayscale Bittensor Trust and Grayscale Sui Trust, we continue to provide investors with familiar investment options, giving them access to cutting-edge tokens that reflect the ongoing innovation within the crypto ecosystem,” Sharif-Askary added.
Following the news, the price of Sui surged to $0.06, while TAO struggled, impacted by the broader crypto market's recent downturn.