Aug 7, 2024
According to CryptosHeadlines on CoinMarketCap. Grayscale, a leading cryptocurrency asset manager, has unveiled two new investment trusts: the Grayscale Bittensor Trust and the Grayscale Sui Trust. These additions aim to broaden the horizons for investors by focusing on the burgeoning fields of artificial intelligence and decentralized applications.
The Grayscale Bittensor Trust is set to invest in TAO, the token linked to the Bittensor Protocol. This protocol incentivizes the development and deployment of open-source AI technologies. By channeling investments into TAO, Grayscale hopes to support the growth of innovative AI solutions within the blockchain ecosystem.
Similarly, the Grayscale Sui Trust will focus on SUI, the native token of the Sui network. Sui is a layer-1 blockchain designed to host decentralized applications (DApps), promising enhanced scalability and efficiency. The Sui network aims to provide a robust infrastructure for DApp development, potentially transforming various sectors through decentralized solutions.
These new trusts are available exclusively to eligible individuals and institutional accredited investors, excluding retail traders. Rayhaneh Sharif-Askary, Grayscale’s head of product and research, expressed her enthusiasm, stating, “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.”
The new trusts operate similarly to Grayscale’s existing single-asset investment trusts, such as the Grayscale Bitcoin Trust (GBTC). They offer a regulated pathway for investors to gain exposure to these emerging crypto assets without the need to directly purchase and manage the tokens.
Grayscale Ethereum Trust Sees $78M Outflow, Possible Bullish Indicators
In related news, the Grayscale Ethereum Trust, which recently transitioned into an exchange-traded fund (ETF), experienced a significant outflow of approximately $78 million on August 1. This withdrawal pushes the total outflows past $2 billion. Despite the large outflows, analysts suggest that this trend may be slowing down, potentially signaling a bullish shift for Ether, which is currently trading at $2,468.
Grayscale’s pioneering efforts in providing institutional investors with access to cryptocurrencies continue to evolve with the market. The introduction of the Bittensor and Sui Trusts underscores Grayscale's commitment to staying at the forefront of the crypto ecosystem, offering investors new opportunities to engage with the latest technological advancements.
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