$2 Billion Altcoin Soars After Grayscale Announcement
Grayscale, one of the world’s largest cryptocurrency managers, has launched a new fund investing in MakerDAO’s token MKR.
Grayscale’s new fund, called the “MakerDAO Trust,” will be available to individual and institutional investors who meet the required criteria.
Like the company’s other funds, the fund has a closed-end fund structure. This structure means that direct withdrawals, which could cause price fluctuations when fund shares are traded on secondary markets, are not possible.
MakerDAO is among the largest protocols in the decentralized finance (DeFi) space and is governed by a community. MKR token holders can participate in decision-making processes on the protocol and vote on proposals.
The MakerDAO protocol manages more than $7 billion in crypto and real-world assets, including real-world assets (RWA) such as U.S. Treasury bonds, and issues $5 billion worth of DAI, the third-largest stablecoin on the market.
Grayscale’s new funding round
Last week, Grayscale also launched funds for decentralized artificial intelligence (AI) project Bittensor’s TAO token and layer 1 blockchain project Sui’s SUI token.
The company has also created a basket of projects including Near (NEAR), Render (RNDR), and Filecoin (FIL) in recent weeks.
According to TradingView data, Grayscale’s announcement has spurred a move in the MKR price. MKR has gained more than 11 percent on a weekly basis. MKR, which has a market cap of $2 billion, is trading at $2,109 at the time of writing.
