Grayscale launches new investment vehicles for NEAR and STX

Source Fxstreet
May 23, 2024 23:12
  • Asset manager Grayscale unveiled two new trusts for NEAR and STX investments.
  • Both trusts will grant investors exposure to NEAR and STX prices.
  • Grayscale's investment in NEAR and STX could cause a positive price impact on the tokens.

In a press release on Thursday, Grayscale announced the creation and launch of Near Protocol (NEAR) and Bitcoin Layer 2 Stacks (STX) single asset trusts. The company stated that the launch is an attempt to satisfy increased investors' demands for diversified crypto-asset exposure.

Read more: NEAR protocol could see a rally as it sets out to launch an AI smart contract builder

Grayscale launch NEAR and STX trusts

Asset manager Grayscale unveiled two new trusts on Thursday that will grant investors exposure to the tokens of Near Protocol and Bitcoin Layer-2 Stacks.

The new trusts will be open for subscription to eligible investors on a daily basis and will not function differently from other single-asset investment trusts offered by Grayscale.

"With continued demand for diversified crypto-asset exposure, Grayscale remains committed to launching new products that enable investors to access emerging and evolving parts of the crypto ecosystem," said Grayscale's Head of Product & Research, Rayhaneh Sharif-Askary.

Also read: Stacks plans for Nakamoto Upgrade, total smart contracts deployed surge

"By creating distinctive solutions to address blockchain's scalability challenges, Stacks and Near are poised to help foster greater adoption — ultimately helping to drive the crypto ecosystem forward," said Grayscale in the press release.

Grayscale offers several other trusts for cryptocurrency investments, including Solana, Ethereum, Litecoin and Bitcoin Cash. In January, the company converted its Bitcoin Trust to an ETF after the Securities & Exchange Commission (SEC) approved spot Bitcoin ETFs.

Grayscale has also filed to convert its Ethereum Trust to an ETF as the company awaits the SEC's decision on spot ETH ETFs.

Read more: Ethereum on the brink of 75% rally as SEC approves ETH ETFs

Furthermore, Grayscale may likely convert most of its other cryptocurrency trusts if other digital assets get their ETFs in the future.

Grayscale's investment in NEAR and STX could positively impact their prices. Both tokens are currently down by 3% but may soon begin to rally as investors look to Grayscale's newly-launched trusts.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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