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August 9, 2022
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Grayscale adds LINK, BAT and three other products to their funds

Grayscale is currently the largest cryptocurrency fund manager in the world and is adding LINK, BAT, MANA, FIL and LPT to its portfolio

Lead cryptocurrency asset manager, Grayscale, has expanded its product portfolio by adding funds to five new currencies – LINK, BAT, MANA, FIL and LPT.

Institutional investors employing the services of Grayscale Investments would have the option to choose from five new product additions. These are Basic Attention Token (BAT), Chainlink (LINK), Decentraland (MANA), Filecoin (FIL) and Livepeer (LPT).

The newly appointed CEO of the company, Michael Sonnenshein, broke the news on Twitter earlier today. After adding the five currencies mentioned above, the total number of Grayscale funds increased to 14.

Sonnenshein explained that “investor demand has never been so high” for several cryptocurrencies, as they “have reached an inflection point”.

The five new funds are now operational for daily subscription by accredited individual and institutional investors. They would be able to buy shares of the products through “their respective periodic and continuous private placements”.

As with the company’s other products, the funds’ main focus is “investing exclusively in digital currencies that support BAT, LINK, MANA, FIL and LPT”.

Grayscale said it will try to have shares of the new products quoted in a secondary market, but “there is no guarantee that we will succeed”. Although some stocks have already received this approval, investors should be aware that they may still be unavailable in secondary markets because of a “variety of factors”, including regulatory issues.

Interestingly, four of the five currencies increased in value after the announcement. LPT went up about 100% to $ 14, BAT jumped 40% to $ 1.20, FIL (35%) to $ 73 and LINK (10%) to $ 30. MANA is the only token that has not produced any significant gains until the time of publication of that text.

Founded in 2013, Grayscale allows institutional investors to receive exposure to more than a dozen digital assets now, without worrying about managing or storing the assets. Its AUM shot up 10x to $ 20 billion in 2020, while increasing more than 2x since the beginning of 2021 to about $ 43 billion yesterday.

Source: CryptoPotato

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