Grayscale Investments, a prominent digital asset manager, has launched two new investment trusts – Grayscale Bittensor Trust and Grayscale Sui Trust. These products allow institutional investors to access altcoins, TAO, and SUI through a simplified investment process.
Through such digital asset products, institutional investors can gain crypto exposures without worrying about the complicated process of buying and securely storing crypto.
SUI and TAO Have Struggled in 2024
The Grayscale Bittensor Trust invests exclusively in TAO, the key token of the Bittensor protocol (TAO), which is innovating in the open-source AI sector by using tokens to encourage development. On the other hand, the Grayscale Sui Trust is dedicated solely to SUI, the token of the Sui protocol.
The Layer 1 smart contract blockchain is engineered to support scalable decentralized applications across the globe.
In an interview with BeInCrypto, Rayhaneh Sharif-Askary, Grayscale’s Head of Product and Research, expressed enthusiasm about these additions.
“We are excited to add Bittensor and Sui to our product suite, and believe Bittensor is at the center of the growth of decentralized AI, while Sui is redefining the smart contract blockchain,” Sharif-Askary told BeInCrypto.
While Grayscale launched new investment products, the market performance of these altcoins has been poor so far in 2024. TAO has declined by 57% this year, and SUI has decreased by 18%.
Read more: Everything You Need to Know About the Sui Blockchain
Nonetheless, Sharif-Askary sees substantial strategic benefits in these investment products.
“Sui is part of Grayscale’s Smart Contract Platforms Crypto Sector, and its native token may present a compelling opportunity for those looking to invest in the infrastructure of the crypto ecosystem,” Sharif-Askary stated.
Moreover, she believes that Bittensor and TAO token are at the forefront of the decentralized AI movement.
“The TAO token is also a component of Grayscale Decentralized AI Fund, and we believe it is increasing innovation, transparency, and trust – critical for the success of the growing AI industry,” Sharif-Askary explained.
Read more: Crypto ETN vs. Crypto ETF: What Is the Difference?
Meanwhile, Grayscale is also aiming to list shares of these new products on a secondary market. However, success in this arena is not guaranteed.
Past experiences with similar products have shown mixed results. Some were approved for trading, while others did not meet their investment objectives and traded at a substantial premium or discount to the value of the underlying digital assets.
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