- Grayscale Investments is expanding its cryptocurrency investment trust.
- The asset management company has unveiled the latest addition to its services.
- SUI and TAO tokens briefly surged.
Grayscale Investments, a cryptocurrency asset management firm with over $50 billion in AUM, has expanded its portfolio throughout the year to offer a variety of investment products. Earlier this year, the firm launched Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE) following their respective regulatory approvals from U.S. financial regulators.
Grayscale continues its expansion by announcing the creation and public launch of two new investment trusts.
Grayscale, Sui, and Bittensor Trusts Announced
The latest additions to the Grayscale Investments family of products are the Grayscale Bittensor Trust and the Grayscale Sui Trust, announced on Wednesday, August 7, 2024.
The Sui and Bittensor Trusts, collectively known as Trusts, are one of the first investment products to focus solely on Bittensor Protocol (TAO) and Sui (SUI) tokens. They function similarly to Grayscale’s existing single asset investment products.
Grayscale Sui Trust focuses on investing in SUI, the native token of a Layer 1 solution focused on digital asset ownership. Similarly, Bittensor Trust invests in TAO, the native token of the Bittensor protocol, which leverages tokens to encourage open-source AI development.
Commenting on the launch, Rayhane Sharif-Askari, Grayscale’s Director of Products and Research, expressed his excitement about the integration of Bittensor and Sui, emphasizing the importance of both companies to 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 trust product is now available for daily subscription to qualified individual and institutional accredited investors, and has seen increased activity in both protocols’ native tokens since launch.
SUI and TAO made profits
The native tokens of Sui Network and Bittensor protocol have seen notable activity following the launch of a new investment trust product.
SUI, the token that underpins the Sui Network, has seen a significant increase of 8%, from $0.5981 to $0.6463. While the trading price of SUI has since readjusted to $0.6357, this increase represents a significant turning point for the token, especially considering that it has struggled to maintain its recent upward momentum.
The TAO token associated with Bittensor has seen a smaller increase. During the same period, TAO has risen from a trading range of $260 to a new daily high of $271. However, the token’s rise was short-lived and it has since fallen back to its current trading price of $256.
Despite the recent gains, SUI and TAO are still trading significantly below their all-time highs of $2.16 and $757, respectively.
On the other side
- Grayscale’s newly converted Ethereum Trust Record of over $2 billion in capital outflows Since its launch.
- SUI ranks 45th among the top 50 cryptocurrencies by global market capitalization.
- April 2024, Sui Network Welcome $FSUSD, the first dollar-backed stablecoin.
Why this matters
The addition of Sui and Bittensor Trusts represents the latest expansion of Grayscale’s investment portfolio, which could further accelerate adoption and industry growth as institutional interest in the blockchain ecosystem grows.
Learn more about the allegations made against SUI Network and its token distribution earlier this year.
Sui Network Dismisses Allegations of ‘Shady’ Token Supply
Find out how the Trump family is beefing up its cryptocurrency strategy ahead of the upcoming presidential election.
Trump’s Son Joins Crypto Campaign, Announces Major Announcement