Crypto asset manager and spot Bitcoin exchange-traded fund (ETF) issuer Grayscale has expanded its offering with the launch of two new investment funds.
These funds, called Grayscale Near (NEAR) Trust and Grayscale Stacks (STX) Trust, aim to provide institutional investors with diversified exposure to cryptocurrencies as the company continues to meet growing demand for crypto asset investment products.
Shades of gray point to blockchain scalability
Rayhaneh Sharif-Askary, Director of Product and Research at Grayscale, highlighted the company’s commitment to launching new products that allow investors to access “emerging segments” of the crypto ecosystem.
According to Thursday’s announcement, by addressing blockchain scalability challenges, Near Trust and Stacks Trust are expected to drive greater adoption of cryptocurrencies and contribute to the advancement of the entire crypto ecosystem.
Both trusts are now available for daily subscription to qualified individual and accredited institutional investors. Like existing Grayscale single-asset investment funds such as Grayscale Bitcoin Trust (GBTC), Near Trust and Stacks Trust are among the first investment products to focus exclusively on the underlying Near Protocol and Stacks Bitcoin Layer 2 tokens ( L2). .
Grayscale seeks to list shares of these new products on a secondary market, but the manager emphasizes that success is not guaranteed due to several factors, including regulatory considerations from organizations such as the United States Securities and Exchange Commission (SEC) and the Financial Authority Industry Regulator (FINRA).
Capital Outflows Amid Growing Demand for Bitcoin ETFs
In addition to launching the new investment funds, Grayscale recently announced the appointment of Peter Mintzberg as its new CEO, effective August 15, 2024, replacing Michael Sonnenshein.
Grayscale has played an important role in the US spot ETF landscape, witnessing continued capital outflows since trading began in January. However, US Bitcoin spot ETFs recorded a net inflow of $153.9 million on May 22, marking an eight-day growth streak.
In contrast, GBTC experienced capital outflows for the first time in over a week, losing $16.09 million and restarting its outflow streak.
As the asset manager introduces Near Trust and Stacks Trust, institutional investors now have additional options for diversified crypto exposure. However, investors should be aware of the risks associated with investing in such products, including regulatory uncertainties and possible deviations in share values.
At the time of writing, STX is trading at $1.99, indicating a drop in value of over 4% in the last 24 hours.
This price drop is in line with a broader correction seen in Bitcoin and other major cryptocurrencies following a significant increase in the first trading days of the week. Likewise, NEAR is currently trading at $7.56, reflecting a 3.4% drop compared to yesterday’s price.