Grayscale Increases Institutional Crypto Investment Options With NEAR And STX Trusts
The post Grayscale Increases Institutional Crypto Investment Options With NEAR And STX Trusts appeared on BitcoinEthereumNews.com.
Crypto asset manager and spot Bitcoin exchange-traded fund (ETF) issuer Grayscale has expanded its offerings by launching two new investment trusts. These trusts, named Grayscale Near (NEAR) Trust and Grayscale Stacks (STX) Trust, aim to provide institutional investors with diversified exposure to cryptocurrencies as the company continues to meet the growing demand for crypto asset investment products. Grayscale Targets Blockchain Scalability Rayhaneh Sharif-Askary, Grayscale’s Head of Product & Research, highlighted the company’s commitment to launching new products that enable investors to access “emerging segments” of the crypto ecosystem. According to Thursday’s announcement, by addressing blockchain’s scalability challenges, Near Trust and Stacks Trust are expected to drive greater adoption of cryptocurrencies and contribute to the advancement of the entire crypto ecosystem. Both trusts are now available for daily subscription to eligible individual and institutional accredited investors. Similar to Grayscale’s existing single-asset investment trusts, such as the Grayscale Bitcoin Trust (GBTC), the Near Trust and Stacks Trust are among the first investment products to focus exclusively on the tokens underlying the Near Protocol and Stacks Bitcoin Layer 2 (L2). Grayscale is seeking to list the shares of these new products on a secondary market, but the asset manager points out that success is not guaranteed due to various factors, including regulatory considerations from bodies such as the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). Outflows Amidst Growing Demand For Bitcoin ETFs In addition to launching the new investment trusts, Grayscale recently announced the appointment of Peter Mintzberg as its new CEO, effective August 15, 2024, succeeding Michael Sonnenshein. Grayscale has played a significant role in the US spot ETF landscape, witnessing continuous outflows since trading began in January. However, Bitcoin spot ETFs in the US experienced a net inflow of $153.9 million on May 22, marking…
Filed under: News - @ May 24, 2024 9:12 am