Grayscale adds Sui and Bittensor trusts to its crypto product suite
Grayscale has introduced two new crypto investment trusts, focusing on the Sui blockchain and the decentralized AI network Bittensor, according to an Aug. 7 statement.
The Grayscale Bittensor Trust will invest in Bittensors native TAO token, while the Grayscale Sui Trust will focus exclusively on Suis SUI token.
Rayhaneh Sharif-Askary, Grayscales Head of Product & Research, commented that the launch of the trusts will provide investors with familiar products that enable access to tokens at the cutting edge of the crypto ecosystems continued evolution.
He added:
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.
These new trusts follow Grayscales launch of a decentralized AI-focused digital asset trust in July. The fund also provides exposure to Bittensor and other AI projects like Livepeer Filecoin, NEAR, and Render.
Meanwhile, the new trust increases the total number of crypto products the investment firm manages to 20. These include a trust for digital assets like Solana, Litecoin, Chainlink, ZCash, and others.
According to CoinGlass data, the total value of assets under Grayscales crypto trust management is more than $7 billion.
Grayscale ETFs
Grayscale recently transitioned its long-standing Grayscale Ethereum Trust (ETHE) to an ETF structure following the US Securities and Exchange Commissions approval of spot Ethereum ETF products last month.
Since its debut, the product has experienced over $2 billion in outflows, and analysts anticipate a potential slowdown soon.
Similarly, according to Farside data, Grayscale Bitcoin Trust (GBTC), which underwent a similar transition in January, has seen an outflow of more than $20 billion.
Analysts attribute the significant outflows of these products to their high fees. In response, Grayscale introduced two new offeringsthe Bitcoin Mini Trust and the Ethereum Mini Trustdesigned to reduce costs for investors.
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