Grayscale, one of the protagonists of the Bitcoin ETF process, has launched Grayscale Near Trust and Grayscale Stacks Trust. One of the trusts invests only in NEAR, which supports 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 altcoins.
Grayscale Investments launches new investment partnership for two altcoins
As you have been following on Kriptokoin.com, the potential spot Ethereum ETF approval is on the market’s agenda. Amid these developments, Grayscale Investments opened Grayscale Near Trust and Grayscale Stacks Trust for investment. According to the company’s announcement on Thursday, one of the trusts invests only in NEAR, which supports Near Protocol. 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 to invest in diversified crypto assets, Grayscale is committed to launching new products that give investors access to emerging and developing parts of the crypto ecosystem. By creating different solutions to address Blockchain’s scalability issues, Stacks and Near are poised to help spur greater adoption and ultimately move the crypto ecosystem forward.
The company’s spot Bitcoin ETF ranks 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 has raised $20.08 billion 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, down 2.3%.
Grayscale Ethereum ETF
Grayscale’s two new mutual funds come as the odds of the firm’s Ethereum ETF being approved increased substantially last week. While senior ETF analysts at Bloomberg raised their estimates of 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 language from its Ethereum ETF application to further increase the likelihood of approval. It has now updated its filing with the SEC. Recent developments indicate that the SEC is highly likely to approve a spot Ethereum ETF.
Follow us on Twitter, Facebook and Instagram, and join our Telegram and YouTube channelto stay up to date with breaking news !
