- Only accredited investors will be able to access the funds.
With $23 billion in assets under management, Grayscale Investments is the largest distributor of digital asset solutions in the world. It has introduced two new cryptocurrency trusts that will provide investors access to the AI project Bittensor and Layer 1 blockchain Sui.
The two new trusts will be exclusively accessible through private placement, single asset oriented, and focused on the native tokens of Sui and Bittensor, TAO and SUI, respectively.
Currently trading at $269, TAO has risen 13% over the last 30 days, while SUI has decreased 6% to $0.62 within the same time frame.
With this initiative, Grayscale hopes to increase its market share in the artificial intelligence (AI) space. The Grayscale Decentralized AI fund, which started on July 17 and has slightly over $1 million in assets under management (AUM), is the company’s first AI offering. TAO, Filecoin (FIL), Livepeer (LPT), Near (NEAR), Render (RNDR), and Near (NEAR) are the current components of the fund.
Grayscale claims that as of right now, $219,000 worth of assets are under management in their SUI fund. AUM for the Bittensor fund is $1.2 million.
According to Rayhaneh Sharif-Askary, Head of Product & Research at Grayscale, “We believe Sui is redefining the smart contract blockchain, while Bittensor is at the center of the growth of decentralized AI. Thanks to the launch of Grayscale Bittensor Trust and Grayscale Sui Trust, we can now provide investors with stable products that make token access easier for the ongoing development of the cryptocurrency ecosystem.
The two new funds will be part of Grayscale’s lineup of single-asset investment products, which already includes Litecoin (LTC) with $108 million, Bitcoin Cash (BCH) with $113 million, and Ethereum Classic (ETC), the largest of its kind under Grayscale’s purview with $206 million in AUM.
Since the successful launch of the Bitcoin ETF on January 11, Grayscale has seen billions of dollars in outflows from its holdings of more than 238,000 BTC, or $13 billion. This is because investors have migrated to other funds due to Grayscale’s higher costs. The Ethereum ETF market has also seen outflows above $2 billion.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
