Grayscale, one of the protagonists of the Bitcoin ETF process, launched Grayscale Near Trust and Grayscale Stacks Trust. One of the trusts invests only in NEAR, which supports the Near Protocol. The other trust invests only in STX, which is part of Bitcoin Layer 2 Stacks. Thus, Grayscale paved the way for individual and institutional accredited investors to invest in these 2 altcoin projects.
Grayscale Investments launches new investment partnership for two altcoins
cryptokoin.comAs you follow from , potential spot Ethereum ETF approval is on the market’s agenda. Amid these developments, Grayscale Investments, Grayscale Near Trust and Grayscale Stacks Trust opened for investment. One of the trusts invests exclusively in NEAR, which supports the Near Protocol, the company said on Thursday. The other trust invests only in STX, which is part of Bitcoin Layer 2 Stacks. Rayhaneh Sharif-Askary, Head of Product and Research at Grayscale, said in a statement:
With the continued demand for investing in diversified crypto assets, Grayscale is committed to launching new products that allow investors to access emerging and evolving parts of the crypto ecosystem. By creating different solutions to address Blockchain’s scalability issues, Stacks and Near are poised to help drive greater adoption and ultimately move the crypto ecosystem forward.
The company’s spot Bitcoin ETF is among the giants
Grayscale’s spot Bitcoin exchange-traded fund GBTC has among the highest assets under management (AUM) compared to other crypto funds. According to the latest data, GBTC raised $20.08 billion worth of funds as of May 23. Meanwhile, NEAR, one of Grayscale’s preferred altcoin projects, was trading at $7.63. NEAR lost 4.7% on its daily chart. The other altcoin, STX, was changing hands at $2.00, losing 2.3%.
Grayscale Ethereum ETF
Grayscale’s two new investment funds have emerged as the firm’s chances of an Ethereum ETF being approved increased significantly last week. As senior ETF analysts at Bloomberg raised their estimates on whether the U.S. Securities and Exchange Commission will approve spot Ethereum ETFs from 25% to 75%, the agency appears to have done a sudden “180” in its thinking. On May 21, Grayscale removed the staking mention from its Ethereum ETF application to further increase the likelihood of approval. He updated his application to the SEC in this current version. Recent developments indicate that the SEC is highly likely to approve a spot Ethereum ETF.
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