Grayscale launches two new crypto funds that invest in Stacks and NEAR Protocol – DiarioBitcoin
By Hannah Perez
The two new Grayscale trusts invest in the STX and NEAR tokens. They are reserved for accredited investors and eligible institutional clients.
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- Grayscale selects STX from Stacks and NEAR from Near Protocol for its new products
- Launched two trusts with exposure to STX and NEAR tokens for accredited investors
- The manager operates a spot Bitcoin ETF and waits to launch an Ethereum one
Grayscalea cryptocurrency investment fund manager, is expanding its range with new investment products that provide exposure to two crypto tokens.
In a statement this Thursday, the company presented two trusts that invest in NEAR, the native token of Near Protocoland STX, the token that is part of the layer 2 (L2) solution of Bitcoin, Stacks.
Named Grayscale Near Trust and Grayscale Stacks Trust, the investment vehicles operate much like other private placements the firm offers for diversified exposure to cryptocurrencies. The administrator’s offering includes trusts of to cryptocurrencies like Solarium, Chainlink and Decentraland.
Limited to eligible accredited and institutional investors, the new trusts are open for daily subscriptions starting May 23, according to the statement.
The move is the latest sign of growing investor appetite for the new asset class. Grayscale converted its GBTC trust in January, with direct exposure to Bitcoininto an exchange-traded fund (ETF), and is now waiting for regulatory approval to do the same with its fund. EthereumETHE.
“With continued demand for diversified exposure to crypto assets, Grayscale remains committed to launching new products that allow investors to access emerging and evolving parts of the crypto ecosystem.“said the head of Product and Research at GrayscaleRayhaneh Sharif-Askary, in the note.
“By creating distinctive solutions to address Blockchain scalability challenges, Stacks and Near are poised to help foster greater adoption and ultimately help drive the crypto ecosystem forward.“.
Grayscale waits for an Ethereum ETF
GBTC Grayscale is positioned as the ETF of Bitcoin in the US with the largest amount of assets under management, with 289,300 BTC worth more than USD $20 billion. The fund had been seeing continued capital outflows since its conversion in January, but has recently seen a change in trend.
The manager and other issuers are awaiting a key response from the US Securities and Exchange Commission (SEC) on ETF applications from Ethereum in cash this Wednesday.
Despite having been selected by Grayscale for its new products, STX and NEAR have traded lower amid a broader bearish move in the market. NEAR has fallen in price just over 4% on the day and is trading around USD $7, while STX has fallen 3% and is trading at USD $2.
Article by Hannah Estefanía Pérez / DailyBitcoin
Edited image of Unsplash, with logo Grayscale
WARNING: This is an informative article. DiarioBitcoin is a media outlet, it does not promote, endorse or recommend any particular investment. It is worth noting that investments in cryptoassets are not regulated in some countries. They may not be suitable for retail investors as the entire amount invested could be lost. Check the laws of your country before investing.
