Grayscale Launches New Crypto Investment Trusts for Near Protocol and Stack
Grayscale, the world’s largest crypto asset manager, launched two new crypto investment trusts on Thursday, offering diversified crypto exposure for eligible investors. The two new crypto investment trusts are Grayscale Near Trust and Grayscale Stacks Trust.
We are proud to announce the creation of two new single-asset crypto investment trusts, available through private placement: Grayscale® Near Trust ($NEAR) and Grayscale® Stacks Trust ($STX).
— Grayscale (@Grayscale) May 23, 2024
Read more in our press release: https://t.co/Ve8RCQyKmh
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According to a press release on May 23, accredited individual and institutional investors who meet the requirements can now subscribe to the new trusts on a daily basis. These trusts operate similarly to Grayscale's existing set of single-asset investment trusts, and each is among the first investment products that are exclusively invested in the tokens that power the Near Protocol (NEAR) and Stacks (STX).
Grayscale's Head of Product & Research, Rayhaneh Sharif-Askary, stated, "With continued demand for diversified crypto asset exposure, Grayscale remains committed to introducing new products that enable investors to access emerging and evolving parts of the cryptocurrency ecosystem." Stacks and Near have developed innovative solutions to address the scalability problems associated with blockchain technology. This will enable greater adoption and ultimately drive the cryptocurrency ecosystem forward.
Grayscale posted on X (formerly known as Twitter) that NEAR addresses blockchain scalability issues and prioritizes user experience to improve decentralized apps (dApps). And because of Near's high transaction throughput, developers can make applications that are easier to use and more scalable.
STX helps to bring smart contracts and decentralized apps (dApps) to the Bitcoin (BTC) ecosystem. This integration allows for the creation of dApps and smart contracts with the network security and stability of the BTC blockchain, the company added.
The Net Asset Value Per Share (NAVPS) for Grayscale Near Trust and Stacks Trust is $12.11 and $10.30, respectively, as of May 22, 2024.
The company recently announced the appointment of Peter Mintzberg, the current global head of strategy for asset and wealth management at Goldman Sachs Asset Management, as its new Chief Executive Officer (CEO), effective August 15, 2024. He replaces Michael Sonnenshein, who has resigned as Grayscale CEO.
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