Asset Manager Grayscale Introduces Crypto Fund for MakerDAO's MKR

The company unveiled similar single-asset trusts for TAO and SUI and a fund that invests in a basket of decentralized artificial intelligence-focused tokens over the past month.

Grayscale, the asset manager known for its bitcoin (BTC) and ether (ETH) exchange-traded funds (ETFs), has now introduced a fund that invests in the governance token of decentralized lending platform MakerDAO (MKR).

Announced Tuesday, the Grayscale MakerDAO Trust is designed for eligible individual and institutional accredited investors, and it has the same structure as the firm's other single-asset trusts. This means that it's a closed-end fund where direct withdrawals are not possible, which could lead to price deviations between the fund's share on secondary markets and the underlying asset.

Maker is one of the largest protocols in decentralized finance (DeFi), led by a community of token holders, or decentralized autonomous organization (DAO). Those who hold MKR tokens can participate in decision-making and vote on proposals. The protocol handles over $7 billion in crypto and real-world assets (RWA) like U.S. Treasurys and issues the third-largest stablecoin in the market, the $5 billion DAI.

The protocol is currently undergoing a major revamp called "End Game" coined by founder Rune Christensen, which includes the issuance of upgraded versions of MKR and DAI.

The offering follows Grayscale's newly launched single-asset funds for decentralized artificial intelligence (AI) project Bittensor's {{TAO}} token and layer-1 blockchain Sui (SUI) last week. The company also opened a decentralized AI-focused fund that invests in a basket of cryptocurrencies like Near (NEAR), Render (RNDR) and Filecoin (FIL), nearly a month ago.

Edited by Nikhilスタル

Our newstories and深くCoinDeskずればずれなournalistic standards, and we follow a strict set of editorial policies. CoinDesk was acquired by Digital Currency Group, which also owns Grayscale, Block.one, Bullish and� both companies haveを持っており. Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.

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