Grayscale, Which Offers Bitcoin and Ethereum Exposure Through ETFs, Launches New Crypto Funds For These Two Tokens

Leading digital asset manager Grayscale Investments announced the launch of two new cryptocurrency-based funds that would track the market price of Bittensor TAO/USD and Sui SUI/USD.

What Happened: In a press release shared on Wednesday, Grayscale said that the new investment trusts, Grayscale Bittensor Trust and Grayscale Sui Trust, would function like their existing suite of single-asset investment trusts — products that expose investors to price moves of cryptocurrencies in the form of security.

Grayscale said that the new products were open for trading to eligible individual and institutional accredited investors.

For the curious, TAO is the token underpinning Bittensor, a protocol that powers a decentralized, blockchain-based machine-learning network. SUI, on the other hand, is the native token of the Layer-1 blockchain, Sui.

"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," said Grayscale's Head of Product & Research, Rayhaneh Sharif-Askary.

See Also: Robinhood Anticipates Brighter Prospects With Enhanced Crypto Regulatory Clarity: ‘It’d Allow Us To Innovate More Rapidly And Offer More Coins’

Why It Matters: Grayscale is a leading player in the cryptocurrency asset management space, having launched the first publicly traded Bitcoin BTC/USD and Ethereum ETH/USD funds in the U.S., namely, Grayscale Bitcoin Trust and Grayscale Ethereum Trust. 

Both funds were similar in structure to the ones highlighted earlier. However, the two were transitioned to exchange-traded funds this year after the SEC’s approval.

The Grayscale Bitcoin Trust GBTC had nearly $13 billion in assets under management as of Aug. 7, according to SoSo Value, while the Grayscale Ethereum Trust ETHE boasted $4.55 billion in net assets.

Price Action: At the time of writing, TAO was exchanging hands at $268.36, up 0.68% in the last 24 hours, while SUI jumped 5.21% to $0.6451, according to data from Benzinga Pro.

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