Grayscale Launches Bittensor and Sui Trusts to Offer Exposure to AI and L1 Blockchain Assets

Crypto asset manager Grayscale Investments announced the launch of two crypto investment trusts, adding Bittensor and Sui to its product suite.

Crypto asset manager Grayscale has expanded its product suite with the launch of two new crypto investment trusts, focusing on Bittensor and Sui.

Grayscale Bittensor Trust will invest in TAO, the native token of the Bittensor Protocol, which uses tokens to incentivize open-source AI development. Grayscale Sui Trust will concentrate on SUI, the native token of the layer-1 smart contract blockchain Sui, which aims to support decentralized applications (DApps).

The trusts are now available for subscription but are not accessible to retail traders. Only eligible individuals and institutional accredited investors can participate, as stated by Grayscale in its press release.

Rayhaneh Sharif-Askary, Grasizzle's head of product and research, expressed enthusiasm over the addition of the trusts, stating that they "offer unique and compelling ways to gain exposure to the Web3 and AI sectors."

Grayscale highlights that the trusts are designed to operate similarly to Grayscale's existing single-asset investment trusts, which are among the first investment products to focus on Sui or Bittensor, respectively.

Known for its crypto investment vehicles like the Grayscale Bitcoin Trust (GBTC), Grayscale's new trusts serve as financial instruments to provide exposure to crypto assets without directly acquiring the tokens.

Grayscale was among the first institutions to provide institutional investors with exposure to Ether through its Grayscale Ethereum Trust, which has since been converted into an exchange-traded fund (ETF).

The fund's outflows of about $78 million on Aug. 1 brought the product's total outflows to over $2 billion. Analysts suggest that the outflows might be slowing down, which could be a positive sign for Ether ETH $2,389.

ETH

$2,389

The above is the detailed content of Grayscale Launches Bittensor and Sui Trusts to Offer Exposure to AI and L1 Blockchain Assets. For more information, please follow other related articles on the PHP Chinese website!