Digital currency investment firm Grayscale has announced the launch of five new digital asset trusts. Grayscale launched a series of new digital asset trusts to the market, reportedly offering investors more diversification options. The U.S.-based cryptocurrency asset manager previously offered nine investment products, and the latest additions will bring the total number to 14. The new digital currency investment trusts are slightly different from other Grayscale products, as they include alternative digital assets such as Filecoin, Decentraland, Livepeer, and Basic Attention Token.
All five trusts are currently open for subscription daily to retail and institutional investors who meet the eligibility criteria. The company’s CEO, Michael Sonnenshein, cited increasing investor demand for diversification as the reason for launching the new trusts.
“Investor demand has never been higher, and we see new entrants every day in what has certainly become a real asset class,” he said.
Sonnenshein explained that investors were looking to invest in trusts other than the renowned Grayscale Bitcoin Trust (GBTC). According to Bank of America, the trust debuted in 2013 and has become the most prominent public holder of bitcoins. This allows investors to take exposures to bitcoin without having to hold the actual asset. This way, they don’t have to worry about security or custody issues.
“Just 18 to 24 months ago, 100% of investors’ only or first investments in this space would have been in bitcoin. We’ve seen that change dramatically as I think investors have a common appreciation and understanding that this is indeed an asset class. As a result, we’re going to include assets beyond bitcoin.”
He added that the creation of digital asset trusts is in line with their tradition of being pioneers in the digital asset space.
“Grayscale has long been a leader in creating novel ways for investors to access opportunities that digital currencies can provide. This announcement continues that tradition. We look forward to working with our global investor base, growing team, and regulators to continue to drive this industry forward.”
Speaking to Blockworks, the CEO explained that the five new digital asset trusts are just beginning an expansion. Based on his comments, the industry will likely introduce more assets soon.
All of the altcoins involved rose in the market after the announcement. Livepeer was the biggest beneficiary after it surged 250% yesterday from $5.81 to an all-time high of $20.26. The currency is currently trading at USD 22.35 and has risen 213.15% in the last 24 hours. Filecoin, BAT, and Decentraland are also up 27.19%, 20.34%, and 22.76%, respectively.