- Grayscale Investments is expanding its crypto investment trusts.
- The asset management firm has unveiled the latest additions to its offerings.
- The SUI and TAO tokens experienced a brief surge.
Grayscale Investments, the crypto asset management firm with over $50 billion in AUM, has been on an expansion streak all year, broadening its portfolio to offer a variety of investment products. Earlier in the year, the firm unveiled the Grayscale Bitcoin Trust (GBTC) and the Grayscale Ethereum Trust (ETHE), following respective regulatory approvals from the United States financial watchdog.
Continuing its expansion, Grayscale has announced the creation and public launch of two new investment trusts.
Grayscale Unveils Sui and Bittensor Trusts
The latest additions to Grayscale Investments’ product suite are the Grayscale Bittensor Trust and Grayscale Sui Trust, announced on Wednesday, August 7, 2024.
Collectively referred to as the Trusts, the Sui and Bittensor Trusts are among the first investment products to focus exclusively on the tokens of the Bittensor Protocol (TAO) and Sui (SUI), functioning similarly to Grayscale’s existing single-asset investment products.
The Grayscale Sui Trust is focused on investing in SUI, the native token of the layer 1 solution focused on digital asset ownership. Similarly, the Bittensor Trust is invested in TAO, the native token of the Bittensor protocol, which leverages tokens to incentivize the development of open-source AI.
Commenting on the launch, Grayscale’s Head of Product & Research, Rayhaneh Sharif-Askary expresses excitement for the integration of both Bittensor and Sui, highlighting their significance in the growing ecosystem.
“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,” he stated.
The new trusts are now available for daily subscription by eligible individual and institutional accredited investors, and their launch has already led to increased activity in the native tokens of both protocols.
SUI and TAO Post Gains
In response to the launch of new investment trusts, the native tokens of the Sui Network and Bittensor protocol experienced notable activity.
SUI, the token underpinning the Sui Network, saw a significant 8% increase, rising from $0.5981 to $0.6463. While SUI’s trading price has since readjusted to $0.6357, the increase marks a major turn for the token, particularly given its recent struggles in sustaining an upward momentum.
The TAO token, associated with Bittensor, recorded a more modest increase. Within the same period, TAO climbed from its trading range of $260 to a new day-high of $271. The token’s gains were, however, short-lived, and it has since reverted to its current trading price of $256.
Despite the recent increases, both SUI and TAO are still trading significantly below their respective all-time highs of $2.16 and $757.
On the Flipside
- Grayscale’s newly converted Ethereum Trust has recorded over $2 billion in outflows since launch.
- SUI currently holds the 45th position among the top 50 cryptocurrencies by global market cap.
- In April 2024, the Sui Network welcomed its first dollar-pegged stablecoin, $FSUSD.
Why This Matters
The addition of the Sui and Bittensor Trusts marks the latest expansion of Grayscale’s investment portfolio. Additionally, the growing institutional interest in the blockchain ecosystem could further drive adoption and industry growth.
Read more about the SUI network and the allegations faced earlier in the year over its token distribution:
Sui Network Dispels ‘Shady’ Token Supply Allegations
Discover how the Trump family is bolstering their crypto strategy ahead of the upcoming presidential election:
Trump’s Son Joins Crypto Campaign, Teases Major Announcement
