The company would have a greater diversity of options for their corporate investors. They currently offer their customers up to nine cryptocurrency-related funds.
In recent days, cryptocurrency investment services company Grayscale revealed that it is considering new crypto-asset-related funds. The growing demand from corporate investors could lead the company to diversify its options for its corporate customers.
Grayscale is considering other options with lower market capitalization than Bitcoin (BTC) or the Ethereum’ cryptocurrency Ether (ETH). That expansion would include decentralized finance (DeFi) projects, which have given much to talk about last year.
The company announced that have their sights set on the following crypto assets: Aave (AAVE), Basic Attention Token (BAT), Cardano (ADA), Chainlink (LINK), Compound (COMP), Cosmos (ATOM), Decentraland (MANA ), EOS (EOS), Filecoin (FIL), Flow (FLOW), and Livepeer (LPT).
They could also open funds for investors to put capital in MakerDao (MKR), Monero (XMR), Numeraire (NMR), Polkadot (DOT), Reserve Rights (RSR), Stacks (STX), Sushiswap (SUSHI), Synthetix ( SNX), Tezos (XTZ), The Graph (GRT), Uniswap (UNI), and Yearn Finance (YFI).
Regarding this announcement, Grayscale CEO Michael Sonnenshein said that the assessment includes all of the crypto assets abovementioned. However, he stressed that not all cryptocurrencies will have a particular investment fund. He explained that the firm is analyzing them to expand its offer and improve access to institutional funds.
The executive expressed that they want to expand their product offering to provide a better service to their investors. He added that they seek to identify bold, interesting, and innovative opportunities that meet the demand from their investors. He argued that the reason for this is that “the universe of cryptocurrencies is constantly evolving.”
Grayscale Leads Funds in Bitcoin and Cryptocurrencies
Grayscale currently offers its corporate customers up to nine cryptocurrency-related funds. The company manages trusts that include funds in Bitcoin, Bitcoin Cash (BCH), Ether, Ethereum Classic (ETC), Horizen (ZEN), Litecoin (LTC), Stellar Lummens (XLM), Zcash (ZEC), and a mixed fund of crypto assets called the Digital Large Cap Fund.
A few days ago, Grayscale reported that they manage a total of more than USD 36 billion in their cryptocurrency funds. The Grayscale Bitcoin Trust, the largest fund of firm, has almost 650,000 BTC, which is equivalent to more than USD 29,000 million.
In the last week, Grayscale made official their interest in opening funds in other cryptocurrencies. However, the company had already applied to the Delaware authorities for authorization to create funds in Chainlink, Tezos, Decentraland, Basic Attention Token, Livepeer, and Filecoin.
The growing interest from corporate investors in cryptocurrencies becomes evident in Grayscale’s move. The price of most digital assets has risen under the leadership of Bitcoin. That is attracting the attention of a greater number of wealthy investors, which could influence market prices.
It is a fact that the number of institutional investors interested in Bitcoin and other cryptocurrencies is increasingly growing. For that reason, investment services companies like Grayscale are trying to provide them with more options that meet their demand.
By Alexander Salazar
