Grayscale Expands Crypto Investment Portfolio with New Bittensor and Sui Trusts
Grayscale Investments, the world’s largest cryptocurrency asset manager, has announced the launch of two new crypto investment trusts: the Grayscale Bittensor Trust and the Grayscale Sui Trust. This expansion of their product suite, revealed on August 7, 2024, aims to provide accredited investors with exposure to emerging blockchain technologies in artificial intelligence and scalable smart contract platforms.
The Grayscale Bittensor Trust will focus on investing in TAO, the native token of the Bittensor protocol, which incentivizes the development of open-source AI. Meanwhile, the Grayscale Sui Trust will invest in SUI, the token underpinning the Sui blockchain, a high-performance Layer 1 platform designed for globally scalable decentralized applications.
Rayhaneh Sharif-Askary, Grayscale’s Head of Product & Research, expressed enthusiasm about the new offerings, stating, “We believe Bittensor is at the center of the growth of decentralized AI, while Sui is redefining the smart contract blockchain.” She emphasized that these trusts continue Grayscale’s mission to provide investors with access to tokens at the forefront of the crypto ecosystem’s evolution.
Both trusts are structured as Delaware Grantor Trusts and will passively hold their respective underlying assets. They carry a 2.5% annual fee and are open for daily subscription by eligible individual and institutional accredited investors. However, it’s important to note that these products are not available to retail traders.
Grayscale intends to seek secondary market quotations for these new trusts, similar to their existing products. However, the company cautions that there is no guarantee of approval from regulatory bodies, and investors should be prepared for potential long-term holdings.
This launch follows Grayscale’s recent introduction of a decentralized AI-focused digital asset trust last month and the uplifting of its Ethereum Trust to an ETF structure. The move reflects the company’s ongoing strategy to diversify its crypto investment offerings, which now include more than 20 products.
The announcement comes at a time when Grayscale’s flagship products, such as the Grayscale Bitcoin Trust (now an ETF), have seen significant market activity. The firm’s Ethereum Trust recently experienced outflows exceeding $2 billion, highlighting the dynamic nature of institutional crypto investments.
