See More

Grayscale Plans to Invest in Other Digital Assets

2 mins
Updated by Wayne Jones
Join our Trading Community on Telegram

In Brief

  • Grayscale announces a plan to examine other digital assets.
  • At the moment, the digital asset engine hosts eight single-asset investments.
  • The move may attract mainstream institutional and individual investors to invest in digital assets.
  • promo

Earlier today, Grayscale announced that they would be exploring new digital assets with more product offerings to present to its customers.

Grayscale, the world’s leading digital asset institution, hopes to draw more from the crypto space, including a boost in its OTC products. 

Grayscale Investments hopes to try out new digital assets to encourage more exposure around virtual investments in the announcement. Currently, Grayscale is home to eight single-asset investment products such as BTC, ETC, ETH, BCH, LTC, ZEC, XLM, and ZEN.

A Dynamic Crypto Industry

Michael Sonnenshein, Grayscale’s CEO, pointed out that the digital currency sector is highly dynamic, making it a valid reason to seek new product offerings. Therefore, the New-York-based ecosystem is looking forward to identifying innovative and promising digital assets with numerous possibilities that meet investors’ demands. 

Furthermore, digital currencies such as bitcoin have proven to be more lucrative, especially with the recent price surge momentums fueled majorly by institutional investors. 

However, the scenario changes as entities shift their focus on other digital currencies in the market asides from bitcoin. A perfect example is evident in CI Financial’s recent proposal on launching the first-ever ETH ETF with a ticker dubbed ETHX.

Grayscale is currently surveying assets such as ADA, AAVE, BAT, COMP, LINK, XMR, MKR, FIL, EOS, SUSHI, DOT, UNI, YFI, to mention but a few.

From the list, it is clear that Grayscale has its eyes on DeFi ecosystems which have seen a boom in the past year.

However, the company emphasized that not all of the prospects will stand as investment products, as it needs to evaluate all factors surrounding the assets.

Grayscale on Shaky Ground as Crypto Market Dips

Recently, the world’s top digital assets manager announced the company’s breakthrough past the $40B mark, placing its digital assets worth above $34 billion for the first time, as BTC and ETH both hit new all-time highs.

On the tweet quoting ’40 is the new 20,’Grayscale gave a breakdown on how its products were faring so far. 

However, it is currently in turmoil as most cryptos face a downward trend, causing a 20% plunge. According to analysts, the first time the digital asset manager is trading BTC at a discount since 2017.

After the king coin’s recovery to the $52k level was short-lived, Grayscale stocks followed suit. The crypto market is worried that the largest crypto buyer will stop any acquisitions, leading to a further crash in crypto prices.

All the same, it took advantage of the dip and purchased more ETH, estimated at over 15 500 ETH coins in the past 24 hours.

Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

c5d824e85610fba23eac3de69d629eca?s=120&d=mm&r=g
Wayne Jones
Wayne is a Blockchain enthusiast and expert in crypto trading. Currently, I cover trendy issues on blockchain technology and write regularly about cryptocurrencies.
READ FULL BIO
Sponsored
Sponsored