Grayscale Offers New Trusts to Invest in 5 More Cryptos Including Filecoin, Chainlink
LINK +1.10% MANA +8.12% BAT +1.17%
Grayscale Investments, the world’s largest digital asset manager, is digging into the world of decentralized finance (DeFi) with five new trust offerings, including Chainlink (LINK), Brave (BAT), and Decentraland (MANA), The two remaining trusts will offer exposure to decentralized data storage provider Filecoin (FIL) and decentralized video streaming network Livepeer (LPT). All five cryptocurrencies are up on the news. LPT is up over 100% in 24 hours, according to CoinGecko.
The newest Grayscale trusts follow a slate of similar products from other digital asset managers looking to draw in institutional money to the red hot DeFi market. For example, CoinShares released its DeFi Index Token last month, as did Bitwise with its Bitwise DeFi Crypto Index Fund. The firm had filed for the trusts in Delaware in late January.
“At any one time, we’re probably maintaining a list of what could be 30 products, could be 40 products that we’re interested in bringing to market,” Grayscale CEO Michael Sonnenshein told Bloomberg. The new trusts are the firm’s first additions since 2019, and come after Grayscale assessed both potential demand and did due diligence on the underlying protocols.
While the five cryptocurrencies now supported for investment are not mainstream yet, Sonnenshein said many of Grayscale’s trusts “have historically been a little bit before their time.”
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