Crypto
asset
manager
and
spot
Bitcoin
exchange-traded
fund
(ETF)
issuer
Grayscale
has
expanded
its
offerings
by
launching
two
new
investment
trusts. 

These
trusts,
named
Grayscale
Near
(NEAR)
Trust
and
Grayscale
Stacks
(STX)
Trust,
aim
to
provide
institutional
investors
with
diversified
exposure
to
cryptocurrencies
as
the
company
continues
to
meet
the
growing
demand
for
crypto
asset

 

investment
products.

Grayscale
Targets
Blockchain
Scalability

Rayhaneh
Sharif-Askary,
Grayscale’s
Head
of
Product
&
Research,
highlighted
the
company’s
commitment
to
launching
new
products
that
enable
investors
to
access
“emerging
segments”
of
the
crypto
ecosystem. 

According
to
Thursday’s

announcement,
by
addressing
blockchain’s
scalability
challenges,
Near
Trust
and
Stacks
Trust
are
expected
to
drive
greater
adoption
of
cryptocurrencies
and
contribute
to
the
advancement
of
the
entire
crypto
ecosystem.

Both
trusts
are
now
available
for
daily
subscription
to
eligible
individual
and
institutional
accredited
investors.
Similar
to
Grayscale’s
existing
single-asset
investment
trusts,
such
as
the
Grayscale
Bitcoin
Trust
(GBTC),
the
Near
Trust
and
Stacks
Trust
are
among
the
first
investment
products
to
focus
exclusively
on
the
tokens
underlying
the
Near
Protocol
and
Stacks

Bitcoin
Layer
2

(L2). 

Grayscale
is
seeking
to
list
the
shares
of
these
new
products
on
a
secondary
market,
but
the
asset
manager
points
out
that
success
is
not
guaranteed
due
to
various
factors,
including

 

regulatory
considerations

from
bodies
such
as
the
US
Securities
and
Exchange
Commission
(SEC)
and
the
Financial
Industry
Regulatory
Authority
(FINRA). 

Outflows
Amidst
Growing
Demand
For
Bitcoin
ETFs

In
addition
to
launching
the
new
investment
trusts,
Grayscale
recently

announced

the
appointment
of
Peter
Mintzberg
as
its
new
CEO,
effective
August
15,
2024,
succeeding
Michael
Sonnenshein. 

Grayscale
has
played
a
significant
role
in
the
US
spot
ETF
landscape,
witnessing
continuous
outflows
since
trading
began
in
January.
However,
Bitcoin
spot
ETFs
in
the
US

experienced

a
net
inflow
of
$153.9
million
on
May
22,
marking
an
eight-day
growth
streak. 

In
contrast,
GBTC
saw
outflows
for
the
first
time
in
over
a
week,
losing
$16.09
million
and
restarting
its
outflow
streak.

As
the
asset
manager
introduces
the
Near
Trust
and
Stacks
Trust,
institutional
investors
now
have
additional
options
for
diversified
crypto
exposure.
However,
investors
should
be
aware
of
the
risks
associated
with
investing
in
such
products,
including
regulatory
uncertainties
and
potential
deviations
in
share
value. 

 

At
the
time
of
this
report,
STX
is
trading
at
$1.99,
indicating
a
decrease
in
value
of
more
than
4%
over
the
past
24
hours.

This
price
decline
aligns
with
a
broader
correction
observed
in
Bitcoin
and
other
major
cryptocurrencies
following
a
significant
surge
in
the
initial
trading
days
of
the
week.

Similarly,
NEAR
is
currently
trading
at
$7.56,
reflecting
a
3.4%
decrease
compared
to
yesterday’s
price. 

Featured
image
from
Shutterstock,
chart
from
TradingView.com 

Go to Source
Author: Ronaldo Marquez

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