Grayscale Unveils New Investment Trusts for Bitcoin Layer 2 Projects

2024/05/23 22:23

Grayscale, a prominent asset manager, has recently introduced two new investment trusts, expanding its offerings to accredited investors seeking exposure to Bitcoin layer-2 networks such as Stacks and NEAR Protocol. These additions bolster Grayscale's existing suite of crypto-focused trusts, which include prominent assets like Solana (SOL) and Chainlink (LINK).

Grayscale's Commitment to Crypto Diversity Echoed Amid Stacks' Institutional Appeal

Rayhaneh Sharif-Askary, Grayscale's Head of Product and Research, reiterated the firm's dedication to meeting investor demand for diversified crypto asset exposure. "With continued demand for diversified crypto asset exposure, Grayscale remains committed to launching new products that enable investors to access emerging and evolving parts of the crypto ecosystem," she stated, as reported by Decrypt.

Stacks, functioning as a Bitcoin Layer 2 network, introduces smart contract capabilities to Bitcoin, fostering the development of decentralized finance applications. Its recent Nakamoto upgrade has propelled its popularity, particularly with protocols Ordinals and Runes, witnessing increased traction.

Kyle Ellicott, Stacks' Investor Relations Lead, highlighted the growing institutional interest within the ecosystem, emphasizing the narrowing gap in unlocking Bitcoin liquidity and enhancing its utility.

NEAR Protocol Ventures into AI Research as Grayscale Eyes ETF Expansion

NEAR Protocol, established in 2020, operates as a high-speed blockchain tailored for decentralized cloud computing. Notably, the project has recently announced the establishment of a dedicated research and development lab focusing on artificial intelligence.

Grayscale positions its private placements as the initial phase in product development, with the ultimate aim of transitioning them into exchange-traded funds (ETFs). While the Grayscale Bitcoin Trust (GBTC) is presently the sole product to attain ETF status, the organization is actively pursuing SEC approval to convert its Ethereum Trust into an ETF.

Grayscale's Ethereum ETF Amendments: Navigating Regulatory Compliance for Historic Approval

Grayscale recently filed amendments to its proposed Spot Ethereum ETF application, aligning with the SEC's guidelines. The removal of the "staking" clause underscores the company's compliance efforts and adaptability to regulatory dynamics.

As the SEC is expected to rule on Spot Ethereum ETF applications imminently, the crypto community anticipates a historic milestone, with Grayscale meticulously refining its application to mitigate potential pitfalls. Continuous updates to the filing indicate ongoing dialogue with regulators, incorporating feedback to facilitate eventual approval.

Gain a broader understanding of the crypto industry through informative reports, and engage in in-depth discussions with other like-minded authors and readers. You are welcome to join us in our growing Coinlive community:https://t.me/CoinliveSG

Grayscale Unveils New Investment Trusts for Bitcoin Layer 2 Projects

Grayscale's Commitment to Crypto Diversity Echoed Amid Stacks' Institutional Appeal

NEAR Protocol Ventures into AI Research as Grayscale Eyes ETF Expansion

Grayscale's Ethereum ETF Amendments: Navigating Regulatory Compliance for Historic Approval

Related News

Jersey City follows Wisconsin's lead and will invest some of its pension funds in Bitcoin ETFs

Marathon Digital spends $100 million to buy and hold more Bitcoins, transitioning to ‘full HODL’

Russia passes latest bill to regulate Bitcoin mining and legalize international Bitcoin payments

Crypto Market Decline: Bitcoin and Ether Plunge Amid $300 Million Liquidations

Economist Peter Schiff believes using Bitcoin as a strategic reserve asset will push the United States further away from democracy

Charles Hoskinson believes that the upper limit of Bitcoin is not high, and Cardano will replace Bitcoin in the future

Franklin Templeton is optimistic about ETH, ETF prospects, preparing to launch Solana ETF

Mt. Gox Creditors Receive Long-Awaited Bitcoin Payouts，Bitcoin price has fallen in recent days

In order to make Bitcoin a mainstream reserve asset similar to gold, Senator Lummis is preparing to propose the Strategic Bitcoin Reserve Act in Nashville

Bitcoin becomes first cryptocurrency to debut in Las Vegas

More news about poloniex

More news about poloniex

Poloniex Crypto Exchange Reinstates Withdrawals Following $100M Hack

Hacker Buys TRX After Poloniex Hacked For More Than $31 Million,

Crypto Exchanges Huobi, Poloniex to Form 'Strategic Partnership'

Poloniex’s new APIs help professionals stay ahead of the competition

Poloniex Announces Support For Ethereum Forks, Users Will Receive New Tokens Via Airdrop

Poloniex launches a new trading system to enhance user experience

Poloniex Cryptocurrency Exchange Review (2022)

Interview with Poloniex Marketing Head: Partner with APENFT to Build the Metaverse

Eddie, Head of Marketing at Poloniex on APENFT Partnership

Poloniex Joins with APENFT to Integrate the Platform’s One-stop NFT Marketplace and Further Deliver on Its Metaverse Strategy