Grayscale Launches New Crypto Funds for Bittensor and Sui

Grayscale Expands Its Offerings with New Crypto Funds

Grayscale, the prominent investment firm renowned for its bitcoin (BTC) and ether (ETH) exchange-traded funds, made a significant announcement on Wednesday. The firm revealed its plans to introduce two new cryptocurrency investment funds that will focus on the native tokens of the decentralized artificial intelligence (AI) initiative, Bittensor Protocol (TAO), as well as the layer-1 blockchain known as Sui (SUI).

The newly launched Grayscale Bittensor Trust and Grayscale Sui Trust are designed as single-asset funds, meaning they exclusively hold their respective cryptocurrencies. These funds are available to eligible individual and institutional accredited investors, as detailed in a recent press release from Grayscale.

“We are thrilled to incorporate Bittensor and Sui into our product suite,” stated Rayhaneh Sharif-Askary, the head of product and research at Grayscale. “We believe Bittensor is poised to play a pivotal role in the evolution of decentralized AI, while Sui is at the forefront of redefining smart contracts on the blockchain.”

This latest offering follows Grayscale’s recent launch of a digital asset trust focused on decentralized AI, which debuted last month. This trust not only provides exposure to TAO but also includes various other tokens, such as NEAR, RNDR, and FIL. As of August 5, reports indicated that this fund had accumulated nearly $1 million in assets under management, showcasing strong initial interest.

Additionally, Grayscale has been proactive in adapting its existing products to meet regulatory standards. The firm successfully uplisted its well-established Grayscale Ethereum Trust (ETHE) to an ETF structure, which permits redemptions following approval from U.S. regulators. Earlier this January, a similar transition was made for its flagship product, the Grayscale Bitcoin Trust (GBTC).