Digital currency investment firm Grayscale has announced the launch of five new digital asset trusts
Grayscale yesterday launched a number of new digital asset trusts that are reported to offer more diversification options for investors. The US-based cryptocurrency asset manager previously offered nine investment products, and the latest addition will bring the total to 14. The new investment trusts for digital currencies differ slightly from other Grayscale products in that they contain alternative digital assets such as Filecoin, Decentraland and Livepeer and basic attention tokens.
All five trusts are currently open to daily subscription by private and institutional accredited investors who meet the eligibility criteria. The company’s managing director, Michael Sonnenshein, cited the reason for the introduction of the new trusts to be an increasing demand for diversification on the part of investors.
“Investor demand has never been so high and we see new market participants every day in an asset class that has certainly become a real asset class.” he said.
Sonnenshein stated that investors wanted to invest in trusts other than the renowned Grayscale Bitcoin Trust (GBTC). The trust made its debut in 2013 and has become the most famous public bitcoin holder, according to Bank of America. This gives investors exposure to Bitcoin without the need to hold the actual asset. That way, they don’t have to worry about security or custody issues.
“Just 18 to 24 months ago, 100% of the only or first investments by investors in this area would have been in the vicinity of Bitcoin. We saw this change dramatically as I think investors share a common appreciation and understanding that this is indeed an asset class. [we are] Include assets beyond Bitcoin. ”
He added that the creation of the digital asset trusts is in line with their tradition of being a pioneer in digital assets.
“Grayscale has long been a leader in creating novel ways for investors to access the opportunities digital currencies can offer, and this announcement continues that tradition. We look forward to working with our global investor base, growing team, and regulators to further advance this industry. “
Speaking to Blockworks, the CEO explained that the five new trusts for digital assets were just the beginning of an expansion. Based on what he said, the industry is likely to introduce more assets soon.
The altcoins involved have all made headway in the market after the announcement. Livepeer was the biggest beneficiary after rising nearly 250% from $ 5.81 to an all-time high of $ 20.26 yesterday. It is currently trading at $ 22.35 and is up 213.15% in the past 24 hours. Filecoin, BAT and Decentraland are also up 27.19%, 20.34% and 22.76%, respectively.