Grayscale has added the Bittensor protocol and the Sui network to its list of crypto investment vehicles.
Leading digital asset management firm Grayscale Investments has launched two new crypto investment trusts – the Grayscale Bittensor Trust and the Grayscale Sui Trust.
According to the asset manager, the Bittensor Trust will solely focus investments in TAO, the native token of the Bittensor Protocol. The initiative is designed to incentivize the advancement of open-source artificial intelligence through token rewards.
On the other hand, the Sui Trust will invest in Sui (SUI), the native token of the Sui protocol, a high-performing layer-1 blockchain dedicated to enhancing decentralized applications (DApps).
Grayscale Remains Committed to Crypto Innovations
According to a press release from the firm, the Trusts are single-asset funds that exclusively hold their respective cryptocurrencies. These trusts are available to eligible individual and institutional accredited investors.
The company highlighted that with the launch of these new products, it remains committed to offering investors familiar investment options that grant access to tokens at the forefront of the crypto ecosystem’s ongoing development.
Commenting on the recent development, Rayhaneh Sharif-Askary, Grayscale’s Head of Product and Research, said:
“We are excited to add Bittensor and Sui to our product suite, and believe Bittensor is at the center of the growth of decentralized AI, while Sui is redefining the smart contract blockchain.”
Grayscale’s AI-focused Crypto Trust Hits $1M
These new products follow Grayscale’s launch of a decentralized AI-focused crypto asset trust last month, which provides exposure to TAO alongside a range of other tokens such as NEAR, RNDR, and FIL. Following the announcement, the tokens saw an immediate increase, with prices rising by 1%-3% within the past hour, according to data from CoinGecko.
Meanwhile, as of August 5, the fund had accumulated almost $1 million in assets under management, according to the fund’s website.
Grayscale is well-known for offering investment vehicles like the Grayscale Bitcoin Trust (GBTC). Like GBTC, the two newly introduced products are designed as financial instruments to provide exposure to crypto assets without directly acquiring the tokens.
The company was also among the pioneers in providing institutional investors access to Ether through its Grayscale Ethereum Trust, which has been transformed into an exchange-traded fund (ETF).
