Crypto asset manager Grayscale Investments announced the launch of two crypto investment trusts, adding Bittensor and Sui to its product suite.
On Aug. 7, the crypto investment provider said that its Grayscale Bittensor Trust product will focus on investing in TAO (TAO), the native token of the Bittensor protocol. The project uses tokens to provide incentives to develop open-source artificial intelligence.
Meanwhile, the new Grayscale Sui Trust will invest in Sui (SUI), the native token of the layer-1 smart contract Sui blockchain, which focuses on supporting decentralized applications.
Only available to eligible individuals or institutions
While the new products are now available for subscription, they are not available to retail traders. According to Grayscale’s press release, the products are only open to eligible individuals and institutional accredited investors.
Rayhaneh Sharif-Askary, Grayscale’s head of product and research, expressed excitement about adding the products:
“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.”
According to Grayscale, the two trusts function similarly to the company’s existing single-asset investment trusts but are among the first investment products to focus on Sui and Bittensor.
Grayscale is a crypto investment manager known for providing crypto investment vehicles such as the Grayscale Bitcoin Trust. Similar to GBTC, the two new products are financial instruments made to offer exposure to crypto assets without directly acquiring the tokens.
Related: BlackRock’s spot Ether ETF amasses nearly $900M since launch
Grayscale’s Ethereum Trust outflows breach $2 billion
Grayscale was one of the first institutions to offer institutional investors exposure to Ether (ETH) through its Grayscale Ethereum Trust, which has now been converted into an exchange-traded fund (ETF).
The fund’s outflows of about $78 million on Aug. 1 sent the product’s cumulative outflows to over $2 billion. Analysts believe that the outflows may subside, which could potentially be a bullish catalyst for Ether (ETH).
Magazine: X Hall of Flame: Bitcoin $500K prediction, spot Ether ETF ‘staking issue’— Thomas Fahrer