Grayscale has launched two investment trusts that give investors access to Bitcoin layer-2 networks such as Stacks and the NEAR Protocol.
Grayscale, a company that manages assets has recently launched two new investment trusts. These trusts will provide accredited investors with access to Bitcoin layer-2 networks such as Stacks and the NEAR Protocol.
Additionally, Grayscale has expanded its cryptocurrency-focused trust portfolio to include these new offerings. Grayscale has designated some of the available funding for Solana (SOL), Chainlink (LINK), and other organizations.
Grayscale Offers Exposure To Bitcoin Layer 2 Projects
Rayhaneh Sharif-Askary, who is the Head of Product and Research at Grayscale stressed the company’s dedication to satisfying the desire of investors for diverse exposure to crypto assets.
“Greyscale remains committed to launching new products that enable investors to access emerging and evolving parts of the cryptocurrency ecosystem,” she said, according to a report by Decrypt.
“With continued demand for diversified crypto asset exposure, Grayscale remains committed to launching new products.”Stacks, a Bitcoin Layer 2 network, adds smart contract functionality to Bitcoin. Additionally, it streamlines the process of designing decentralized finance applications for the platform.
In addition, the network has recently gained traction as a result of the growing popularity of Bitcoin protocols Ordinals and Runes, notably with the distribution of its Nakamoto upgrade at the beginning of this month. Kyle Ellicott, the Investor Relations Lead for Stacks, revealed the growing interest from institutions in a statement.
She made the following statement: “Within the Stacks ecosystem, we are observing a significant rise in demand from institutions in general.” At the same time, as the large gap between unlocking Bitcoin liquidity and making it more usable continues to narrow, the larger Bitcoin ecosystem is experiencing comparable demand.
NEAR Protocol, a blockchain that operates at a high speed and is designed for decentralized cloud computing, was first introduced in 2020. Recent announcements made by the project indicate that it will be establishing a new research and development facility that will concentrate on artificial intelligence (AI).
Grayscale considers the private placements associated with its goods to be the first step in the life cycle of its products. In addition, the asset manager’s ultimate goal is to convert them into exchange-traded funds, also known as equity funds.
At present, the Grayscale Bitcoin Trust (GBTC) is the only product that has attained the status of an exchange-traded fund (ETF), following its approval in January among other options for Bitcoin ETFs. The firm is also attempting to obtain approval from the SEC in order to transform its Ethereum Trust into an exchange-traded fund (ETF).
Amendments To Ethereum ETF Application
Grayscale submitted an amended 19b-4 filing for its proposed Spot Ethereum ETF application earlier this week, on Wednesday, May 22. James Seyffart, a senior ETF analyst at Bloomberg, provided this latest information about X. He also mentioned that the corporation had initially modified the application on May 21.
The cryptocurrency community is closely monitoring the situation as the United States Securities and Exchange Commission (SEC) prepares to approve applications for the Spot Ethereum ETF today. With these approvals, it is possible that this could be a momentous occasion due to the SEC’s swift turnaround in strategy.
On top of that, Grayscale is taking great care to eliminate any and all potential faults in its application.Grayscale has removed the “staking” phrase from its latest financial filing, which was part of their plans for the Spot Ethereum ETF.
The SEC’s purported plans to harness the dynamics of ETH and staked ETH suggest that the corporation has carefully considered the guidelines established by the SEC.
Furthermore, the focus on the 19b-4 form is extremely important because it is the first step in the process that the SEC will authorize before the real debut of the company and its products. It is also possible that the frequent modifications to the file reflect ongoing discussions between the SEC and the ETF applicants, which incorporates regulator input.