Grayscale Investment announces five new digital asset trusts

Digital currency investment firm Grayscale has announced the introduction of five new digital asset trusts

Grayscale launched a line-up of new digital asset trusts yesterday that will reportedly provide more diversification options for investors. The US-based cryptocurrency asset manager previously offered nine investment products, and the latest addition will take the total count to 14. The new digital currency investment trusts are slightly different from other Grayscale products as they feature alternative digital assets like Filecoin, Decentraland, Livepeer and Basic Attention Token.

All five trusts are currently open for daily subscription by retail and institutional accredited investors that meet the eligibility criteria. The company’s chief executive Michael Sonnenshein cited an increasing demand for diversification from investors as the reason for the introduction of the new trusts.

“Investor demand has never been higher, and every day we’re seeing new entrants to what has surely become a bona fide asset class”, he said.

Sonnenshein explained that investors were looking to invest in more trusts other than the renowned Grayscale Bitcoin Trust (GBTC). The Trust made its debut in 2013 and has grown to become the most prominent public holder of Bitcoin as per the Bank of America. It gives investors exposure to Bitcoin without the need for holding the actual asset. This way, they don’t have to worry about security or even custody issues.

“Even 18 months to 24 months ago, 100% of investors’ only or first Investment in the space would have been around Bitcoin. We’ve seen that change dramatically because I think there is a shared appreciation and understanding amongst investors that it is, in fact, an asset class, and as a result of that, [we are] going to include assets beyond Bitcoin.” 

He added that the launch of the digital assets trusts is in line with its tradition of being a trailblazer in the digital assets sector.

“Grayscale has long been the leader in creating novel pathways for investors to access the opportunities that digital currencies may offer, and this announcement carries on that tradition. We look forward to working with our global investor base, our growing team and regulators to continue to move this industry forward.”

Speaking to Blockworks, the chief executive asserted that the five new digital asset trusts were just the beginning of an expansion. Based on his remarks, the industry will likely see the introduction of more assets soon.

The altcoins involved have all surged forward in the market following the announcement. Livepeer was the biggest beneficiary, having gained nearly 250% to surge from $5.81 to an all-time high of $20.26 yesterday. It is presently trading at $$22.35 and is up by 213.15% in the last 24 hours. Filecoin, BAT and Decentraland are also up by 27.19%, 20.34% and 22.76% respectively.