Institutional investors employing the services of Grayscale Investments would have the option to choose from five new product additions. Namely, those are Basic Attention Token (BAT), Chainlink (LINK), Decentraland (MANA), Filecoin (FIL), and Livepeer (LPT).
- The company’s recently-appointed CEO, Michael Sonnenshein, broke the news on Twitter earlier today. Upon the addition of the five aforementioned coins, the total number of Grayscale Trusts has grown to 14.
- Sonnenshein explained that “investor demand has never been higher” for various cryptocurrencies, as they have “reached an inflection point.”
- The five new trusts are already operational for daily subscription by eligible individual and institutional accredited investors. They would be able to purchases shares of the products through “their respective periodic and ongoing private placements.”
- As with the company’s other products, the trusts’ primary focus is to be “solely invested in the digital currencies underpinning BAT, LINK, MANA, FIL, and LPT.”
- Grayscale said that it will attempt to have shares of the new products quoted on a secondary market, but “there is no guarantee that we will be successful.” Although some shares have already received such approval, investors should be wary that they could still be unavailable on secondary markets because of a “variety of factors,” including regulatory issues.
- Interestingly, four of the five coins have increased in value following the announcement. LPT surged by roughly 100% to $14, BAT jumped by 40% to $1.20, FIL (35%) to $73, and LINK (10%) to $30. MANA is the only token that has failed to produce any significant gains as of writing these lines.
- Founded in 2013, Grayscale enables institutional investors to receive exposure to over a dozen digital assets now without worrying about managing or storing the assets. Its AUM skyrocketed by 10x to $20 billion in 2020, while it has increased by more than 2x since the start of 2021 to roughly $43 billion as of yesterday.