- Grayscale Launches Avalanche Trust, Providing Investors Exclusive AVAX Exposure
- AVAX price surged to $25.16, and Avalanche open interest increased by about 9%.
- The new fund strengthens Grayscale’s portfolio and aligns with its cryptocurrency strategy.
Grayscale Investments, the world’s largest cryptocurrency fund manager, announced the launch of a new investment fund dedicated to the Avalanche (AVAX) token.
Officially launched on August 22nd, Grayscale Avalanche Trust expands the company’s portfolio of over 20 cryptocurrency investment products and provides accredited investors with a new way to invest in Avalanche’s native cryptocurrency.
Grayscale Avalanche Trust Provides Direct Access to AVAX
Grayscale’s Avalanche Trust is a single-asset investment vehicle that operates similarly to the company’s existing products, but focuses solely on AVAX. Unlike Grayscale’s exchange-traded funds, this trust is available only to qualified investors and is not listed on an exchange.
Avalanche Trust is designed to provide investors with direct access to AVAX, the token that powers Avalanche’s multi-chain smart contract platform. The platform is known for facilitating the tokenization of real-world assets (RWAs) with a focus on optimizing scalability, network security, and decentralization.
The new fund is consistent with Grayscale’s broader strategy to provide innovative investment opportunities within the evolving cryptocurrency ecosystem. It adds to Grayscale’s recent expansion, including a trust for MakerDAO’s MKR token, Bittensor, and Sui.
Grayscale is solidifying its position as a leader in the digital asset space with a track record of pioneering cryptocurrency investment products. The launch of Avalanche Trust underscores the company’s commitment to expanding access to emerging and influential developments in the cryptocurrency market.
AVAX price fluctuations
This announcement had significant market impact as it came amid other major news about Avalanche, including Franklin Templeton expanding its blockchain-integrated money market fund to Avalanche.
AVAX price surged to $25.16 before dropping slightly to around $24.75 at the time of writing.
Additionally, Avalanche’s open interest increased by around 9%, indicating increased investor interest and enthusiasm.
Above all, the price surge highlights the positive response to Grayscale’s new fund and its potential to attract significant capital inflows into AVAX tokens.