On September 18, 2024, Grayscale, one of the largest digital asset managers, announced the launch of two new investment trusts - XRP and SUI. These trusts will give institutional investors the opportunity to gain exposure to cryptocurrencies without having to directly own them.
Impact on token price
The launch of the trusts immediately led to a rise in the prices of both tokens. XRP increased by 8%, reaching $0.582, which is due to the recovery of interest in the asset after Rippleâs lengthy legal battle with the SEC. SUI, a new player in the market, jumped by 16.63%, reaching $1.01, which signals growing investor confidence in the projectâs ecosystem.
Why is Grayscale expanding its portfolio?
Grayscale is known for giving investors exposure to major cryptocurrencies like Bitcoin and Ethereum through its trusts. The expansion into XRP and SUI reflects an interest in asset diversification and increased demand for altcoins. Including these tokens in Grayscaleâs portfolio allows institutional investors to profit from their growth without having to worry about storing and securing cryptocurrencies.
What does this mean for the market?
With the launch of XRP and SUI trusts, these tokens could attract even more institutional investment. The interest of major players in altcoins is an indicator of their long-term potential. This could be especially important for SUI, which is just starting to conquer the market and has shown significant growth.
Conclusion:
For investors, Grayscaleâs move opens up new opportunities for portfolio diversification. Increased interest in XRP and SUI could set the stage for further growth in the coming months.
