Grayscale Bitcoin Trust (GBTC) announced on Monday that five new altcoin projects have been added to its investment products. New altcoins have started trading in the markets, increasing the total number of products Grayscale currently offers to 14.
Amid the market hit, Grayscale adds new altcoin projects to its basket
Investment giant Grayscale, with new token additions, has created investment products Grayscale Basic Attention Token Trust (GBAT), Grayscale Chainlink Trust (GLNK), Grayscale Decentraland Trust (MANA), Grayscale Filecoin Trust (FILG), and Grayscale Livepeer Trust (GLIV). The digital currency asset manager aims for investors to make extensive use of the cryptocurrency market.
Interestingly, Grayscale’s addition of altcoins came at a time when the cryptocurrency market took a huge hit. The collapse of Terra’s stablecoin UST, which you also followed closely in Somanews news, losing its dollar peg caused wider market damage. Making the announcement on Monday, Grayscale expressed its leadership in the market as follows:
SOMETIMES LEADERSHIP MEANS ACTING AGAINST THE CURRENT. THROUGH OUR CURRENT AND FUTURE OFFERINGS, WE HOPE TO OFFER TOOLS TO BUILD A DIFFERENT PORTFOLIO OF DIGITAL ASSETS TO SELECTIVE INVESTORS.
What is the investment giant aiming for?
Grayscale, the world’s largest asset management firm, wants to partner with investors to invest in cryptocurrencies. The firm’s single-asset investment products allow the purchase of many cryptocurrencies other than Bitcoin. Grayscale’s basket also includes Bitcoin Cash, Ethereum, Ethereum Classic, Horizen, Litecoin, Solana, Stellar Lumens and Zcash.
Grayscale’s chief legal officer, Craig Salm, made the following statement regarding the issue:
TODAY’S ANNOUNCEMENT IS GRAYSCALE’S RECOMMITMENT TO MOVE ALL OF OUR DIGITAL MONEY INVESTMENT PRODUCTS THROUGH FOUR-STAGE PRODUCT LIFECYCLE, TO FINALLY CONVERT EACH TO AN ETF. WE BELIEVE THAT INVESTORS DESERVE ACCESS TO THE DIGITAL MONEY ECOSYSTEM THROUGH SAFE PRODUCTS.
Earlier in the day, Grayscale announced that it has launched several new products listed in Europe as part of its trans-Atlantic debut. The ETF will be Grayscale’s first European fund to be traded on the London Stock Exchange, Borsa Italiana and Deutsche Börse Xetra. In addition, the ETF can be used to trade across Europe.