Grayscale Investments announced the launch of five new trusts based on various cryptocurrencies such as Basic Attention Token (BAT), Chainlink (LINK), Filecoin (FIL), and Livepeer (LPT) coins, and even virtual-reality world Decentraland (MANA).
In a release shared with AMBCrypto, the firm said that each of these crypto trusts is structured as a Delaware Grantor Trust and will solely and passively hold the underlying asset. These trusts will also function similar to Grayscale’s other single-asset investment products, such as Bitcoin, Bitcoin Cash, Ethereum, and other alts.
Addressing the launch of the crypto investment products, CEO of Grayscale, Michael Sonnenshein said that digital currencies have reached “an inflection point.” He claimed that investor demand “has never been higher,” and that the firm records new entrants “every day.”
With regard to why these coins were chosen, Grayscale said that they followed customer demand. Moreover, with the price of Bitcoin hitting new ATHs of over $60k recently, these altcoins, and LINK in particular have hiked by 5.4% in the past two weeks. In the past 14 days, BAT has been up by 41.4%, while FIL at 89.1%, MANA and LPT were up 270.4% and 218%, respectively.
Moreover, in order to choose the aforementioned crypto assets, the investment fund manager claimed that it studied investor demand for each of these digital currencies. The Grayscale team also researched how reliable and promising the blockchains that these alts are based on can be.
As of 16 March 2021, the digital currency asset manager had more than $42.9 billion in assets under management.
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