The funds will be available only to accredited investors.
Grayscale Investments, the world’s largest provider of digital asset products by assets under management with $23 billion, has created two new crypto trusts that will offer clients exposure to AI project Bittensor and Layer 1 blockchain Sui.
Both new trusts will be single asset-based, focusing on Bittensor’s native token TAO, and Sui’s native SUI, and only available via private placement.
TAO currently trades for $269 and is up 13% in the past 30 days, while SUI changes hands for $0.62 and is down 6% in the same period.
The move aims to broaden Grayscale’s reach in the Artificial Intelligence (AI) sector. The firm only has one AI product, the Grayscale Decentralized AI fund, which holds slightly over $1 million in AUM and launched on July 17. The fund currently consists of TAO, Filecoin (FIL), Livepeer (LPT) ,Near (NEAR), and Render (RNDR), and Near (NEAR).
Meanwhile, according to Grayscale, its SUI fund already holds $219,000 in assets under management. The Bittensor fund holds $1.2 million in AUM.
“We believe Bittensor is at the center of the growth of decentralized AI, while Sui is redefining the smart contract blockchain,” said Grayscale’s Head of Product & Research, Rayhaneh Sharif-Askary. “With the launch of Grayscale Bittensor Trust and Grayscale Sui Trust, we continue to provide investors with familiar products that enable access to tokens at the cutting edge of the crypto ecosystem’s continued evolution.”
Both new funds will belong to Grayscale’s single-asset investment suite which includes Ethereum Classic (ETC), the largest of its kind under the Grayscale umbrella with $206 million in AUM, Bitcoin Cash (BCH) with $113 million, and Litecoin (LTC) with $108 million.
Grayscale continues to hold more than 238,000 BTC or $13 billion, but it has had billions in outflows since the successful launch of the Bitcoin ETF on Jan. 11, as Grayscale’s higher fees have pushed investors to competing funds. Ethereum’s ETF game has been no different, with outflows exceeding $2 billion.
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