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October 2, 2022
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Bitcoin

Grayscale analyzes digital resources that can become the basis for new products. –

Grayscale begins to pay more and more attention to altcoins. Business she confirmedthat it analyzes 23 different digital resources “In terms of potential new product offers.”

Grayscale’s digital resources under the magnifying glass

The following assets were included in the company’s scrutiny:

  • Aave (AAVE),
  • Basic Attention Token (BAT),
  • Cardano (ADA),
  • Chainlink (LINK),
  • Compound (COMP),
  • Cosmos (ATOM),
  • Decentraland (MANA),
  • EOS (EOS),
  • Filecoin (FIL),
  • Flow (Dapper Labs) (FLOW),
  • Livepeer (LPT),
  • Makerifying (MKR),
  • Monero (XMR),
  • Numeraire (NMR),
  • Polkadot (DOT),
  • Reserve Rights (RSR),
  • Stacks (STX),
  • Sushiswap (SUSHI),
  • Synthetix (SNX),
  • Tezos (XTZ),
  • The Graph (GRT),
  • Uniswap (UNI),
  • Yearn Finance (YFI).

Grayscale CEO Michael Sonnenshein explained that the company can use some of the above assets to build a new investment product. As he added, the company “Sees it as his duty to bring more diversity to investors in this [tj. kryptowalut] field “.

“There is no guarantee that the assets listed above will receive their appropriate investment product”, emphasizes the company. “The process of creating an investment product with a structure similar to those already offered by Grayscale requires thorough review and consideration, and is subject to essential internal controls, sufficiently secure fiduciary arrangements and regulatory considerations.” added.

The situation on the market

Meanwhile, the world’s largest BTC fund is selling out. According to Bloomberg data, Greyscale Bitcoin Trust has sold some of its resources, but still owns over 655,750 BTC ($ 31 billion).

This is more indicative of the fact that there are many assets available and the demand for Bitcoin at these prices is declining – said Bloomberg Intelligence analyst James Seyffart.

Grayscale Trusts are now helping investors to gain exposure to cryptocurrencies through a more traditional investment tool by purchasing listed stocks. They contain an underlying collection of cryptocurrencies, while the value of each fund share depends on the amount of cryptocurrencies managed.

Grayscale, however, may soon emerge competition, for example in the form of the Canadian ETF. Meanwhile, eight companies in the United States have tried to create their own Bitcoin ETF. It has failed since 2013, but many experts believe the new White House administration will allow such a move.

– (…) we expect the SEC under new leadership will spend time reviewing some of the new applications from VanEck and others – said Todd Rosenbluth, an expert on the ETF market.

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