Grayscale Launches New Bittensor and Sui Crypto Trust Products
Grayscale Investments just rolled out two new crypto trusts for Bittensor (TAO) and Sui crypto (SUI) to further their commitment to the blockchain industry.
Unveiled on August 7, these new options give accredited investors a crack at cutting-edge tokens before they are released as proper exchange-traded funds.
“With the launch of Grayscale Bittensor Trust and Grayscale Sui Trust, we continue to provide investors with familiar products that enable access to tokens at the cutting edge of the crypto ecosystem’s continued evolution,” stated Rayhaneh Sharif-Askary, Grayscale’s head of product and research.
Why Grayscale Wants More Exposure to Bittensor and SUI Crypto
The Grayscale Bittensor Trust is laser-focused on Sui Crypto and TAO, the latter of which has become Bittensor ‘s powerhouse token.
This platform uses tokens to spark contributions to open-source AI, driving forward the blend of AI and blockchain. Bittensor’s mission is to incentivize developers and let decentralized AI thrive.
In parallel, the Sui Trust is dedicated to the SUI token. Sui is a turbocharged Layer 1 blockchain tailored for scalable DApps worldwide.
It’s important to note that these new trusts are unavailable to retail traders.
According to Grayscale’s press release, both the Bittensor and Sui trusts are open only to eligible individuals and institutional accredited investors.
“We are excited to add Bittensor and Sui to our product suite, and believe Bittensor is at the center of the growth of decentralized AI, while Sui is redefining the smart contract blockchain,” said Rayhaneh Sharif-Askary, Grayscale’s head of product and research, in a statement.
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Grayscale’s Legacy and Market Position
Like their Bitcoin trust, ‘GBTC,’ Grayscale’s new Bittensor and Sui trusts let whale investors access crypto assets without engaging in direct token acquisition.
This method provides a way to ride the wave of emerging tech while sidestepping some operational headaches and regulations.
Meanwhile, Grayscale’s Ethereum Trust has been bleeding since its launch in July, with recent outflows topping $2 billion by early August. The good news is this exodus might set the stage for a bullish ETH rebound as markets find their equilibrium.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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