June 5, 2024
Bitcoin News

Grayscale Expands Bitcoin Layer 2 Investment Trusts

Grayscale, a prominent asset manager, has unveiled two new investment trusts catering to accredited investors seeking exposure to Bitcoin layer-2 networks like Stacks and NEAR Protocol.

Meeting Investor Demand for Diversified Crypto Exposure

Rayhaneh Sharif-Askary, Grayscale’s Head of Product and Research, reaffirmed the company’s dedication to satisfying investor appetite for diversified crypto asset exposure. These latest additions further enrich Grayscale’s extensive range of crypto-focused trusts, including offerings dedicated to Solana (SOL), Chainlink (LINK), and more.

Evolving Crypto Landscape

Stacks, a Bitcoin layer 2 network, introduces smart contract functionality to Bitcoin, enhancing its utility for decentralized finance applications. NEAR Protocol, established in 2020, is a high-speed blockchain tailored for decentralized cloud computing. It recently unveiled a new research and development lab focused on artificial intelligence.

Moreover, Grayscale’s strategic move underscores the growing institutional interest in emerging crypto sectors. This indicates mirroring broader demand for unlocking Bitcoin liquidity and enhancing its utility.

Grayscale’s private placements serve as foundational steps toward ETF conversion, aligning with the organization’s overarching goal. Notably, Grayscale Bitcoin Trust (GBTC) stands as the sole product to attain ETF status thus far, with ongoing efforts to secure similar status for its Ethereum Trust.

Furthermore, recent filings indicate meticulous adherence to SEC guidelines as Grayscale pursues regulatory approval for its Ethereum ETF. This is evidenced by the removal of contentious clauses such as “staking.”

With heightened anticipation surrounding SEC’s impending decisions on Spot Ethereum ETF applications, Grayscale’s strategic maneuvering reflects the industry’s dynamic landscape and evolving regulatory dynamics.

Image by pch.vector on Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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