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Grayscale Investments Announces Exploration of New Crypto Investment Trusts
Leading digital-asset investment firm Grayscale Investments has announced that it is considering several crypto-assets for potential product offerings. This, according to the firm, is part of its aims to diversify its current product portfolio.
23 Cryptocurrencies Under Consideration
Grayscale revealed this latest development in a press release on February 26, 2021. According to the report, the firm is currently exploring 23 crypto-assets to expand its current investment products for its clients.
Several top cryptocurrencies are included, including smart contract-based platforms EOS, Polkadot (DOT), Cardano (ADA), and Tezos (XTZ). Surprisingly privacy token Monero is on the list despite recent delisting by exchanges and total ban by nations including South Korea. There was also no shortage of DeFi based tokens, including Uniswap (UNI), Aave (AAVE), Yearn Finance (YFI), and SushiSwap (SUSHI). This could suggest that the growing expansion of Decentralized finance has caught the attention of the investment firm.
Grayscale further revealed that creating a new investment product is structured similarly to its existing crypto products. Each crypto-asset listed will undergo significant review and will be subjected to internal controls, secure custody arrangement, and regulatory considerations.
The investment firm also revealed no guarantees that it would accept the assets listed for a related investment product. There is no set period for the announcement of new products, but it is understood to be likely in the second quarter of 2021.
$35 Billion Crypto Assets In Holdings
The consideration of new cryptocurrencies shows that Grayscale is committed to expanding its portfolio into other assets. The investment firm has $35 billion worth of crypto-assets in its holding. It is also the largest single holder of BTC, with the firm holding more than 630,000 BTC worth nearly $23 billion. This represents about 3% of bitcoin’s total supply. As institutional demand continues to grow, Grayscale is likely to accumulate more coins.
At the moment, Grayscale offers six investment products for its clients. This includes Bitcoin, Ethereum, Litecoin, Ethereum Classic, Litecoin, and Digital Large Cap Funds. The addition of any of the cryptocurrencies in consideration will also offer broader exposure to investors and lead to a surge in the asset’s value.