Grayscale Investments Launches New Investment Trusts: Bitensor and Sui
Introduction to Grayscale’s New Investment Products
Grayscale Investments, a well-known digital asset management company, has recently introduced two new investment trusts: Grayscale Bitensor Trust and Grayscale Sui Trust. These trusts offer institutional investors the opportunity to invest in altcoins TAO and SUI through a simplified process, allowing them to gain exposure to the cryptocurrency market without the complexities of purchasing and securely storing digital assets.
2024: The Battle between Sui and Tao
The Grayscale Bitensor Trust focuses on TAO, the core token of the Bitensor Protocol, which aims to revolutionize open-source artificial intelligence development by incentivizing the use of tokens. On the other hand, the Grayscale Sui Trust is dedicated to the SUI protocol’s token, designed for globally scalable decentralized applications on the smart contract blockchain.
Rayhane Sharif-Askari, head of product and research at Grayscale, shared his enthusiasm for these new products in an interview with BeInCrypto, expressing optimism about their potential impact.
“We are excited to add Bitensor and Sui to our product range and believe that Bitensor is at the center of the development of decentralized artificial intelligence and Sui is redefining the smart contract blockchain,” Sharif-Askari told BeInCrypto.
Evaluation of Altcoin Performance in 2024
Despite the launch of these new investment products, TAO and SUI have struggled in the market in 2024. TAO has seen a decline of 57% this year, while SUI is down by 18%. Sharif-Askari, however, remains optimistic about the strategic benefits of these products.
“Sui is part of the cryptocurrency arm of the Grayscale smart contract platform and its native token can provide an attractive opportunity for those looking to invest in the infrastructure of the cryptocurrency ecosystem,” Sharif-Askari added.
Future Outlook and Market Listing Plans
In addition to their strategic value, Grayscale plans to list the shares of these new products on the secondary market. However, success is not guaranteed, as past experiences with similar products have yielded mixed results. Some have been approved for trading, while others have failed to meet investment objectives and are trading at significant premiums or discounts to the underlying digital assets’ value.
Despite challenges, Grayscale remains committed to offering innovative investment opportunities in the digital asset space.
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