Crypto asset manager Grayscale has broadened its scope by adding 35 altcoins, including Dogecoin, Worldcoin, Pyth, and Rune, to its list of assets “under consideration” for future investment products. This announcement was made in an October 10 blog post, where Grayscale detailed its selection process and the various categories under which these tokens are being evaluated.
In its blog post, Grayscale organized the prospective tokens into five main segments: currencies, smart contract platforms, financials, culture, and utilities. Notably, many of the newly considered assets come from smart contract platforms. The firm highlighted a range of networks, including Aptos (APT), Sei (SEI), Celestia (TIA), and Mantle (MNT).
Grayscale also noted several other tokens with potential for investment products, such as Arbitrum (ARB), Cosmos (ATOM), Polygon (MATIC), Toncoin (TON), and Tron (TRX). Additionally, the firm is considering three Solana-based projects: Jupiter (JUP) (a decentralized exchange), Pyth (PYTH) (a blockchain oracle), and Helium (HNT) (a decentralized infrastructure network).
Inclusion of Memecoins and Gaming Tokens
Grayscale identified popular memecoin Dogecoin (DOGE) and the crypto gaming network Immutable (IMX) as potential candidates under its “consumer and culture” vertical. These tokens could join Grayscale’s existing products, which already feature Basic Attention Token (BAT) and Decentraland (MANA).
Currently, Grayscale manages a diverse portfolio of 30 different investment products, which include 25 single and diversified investment trusts for specific cryptocurrencies, four exchange-traded funds (ETFs), and one dynamic income fund. This extensive range reflects Grayscale’s commitment to providing options for both institutional and retail investors interested in digital assets.
The new list of prospective assets comes in the wake of Grayscale’s recent expansions, including several new investment vehicles launched in recent months. These include:
- A new Aave investment fund on October 3
- An XRP Trust on September 12
- An Avalanche fund on August 22
Grayscale’s Position in the Market
Grayscale Investments stands as one of the world’s largest institutional holders of Bitcoin, boasting 222,300 BTC valued at $12.8 billion in its spot Bitcoin ETF, the Grayscale Bitcoin Trust ETF (GBTC). Since converting GBTC into an ETF in January, Grayscale has emerged as one of the largest institutional sellers of Bitcoin, with investors unloading a net $20 billion worth of GBTC shares since the conversion.
Following the launch of two spot Ether ETFs in July, Grayscale experienced multi-billion-dollar outflows from its new products, signaling ongoing volatility in the cryptocurrency market.
The inclusion of 35 new altcoins, including notable tokens like Dogecoin and Worldcoin, illustrates Grayscale’s proactive approach to diversifying its investment offerings. With its recent expansions and a solid foundation of existing products, Grayscale is positioning itself as a key player in the evolving cryptocurrency landscape. As the market continues to develop, the potential for these new tokens to gain traction could lead to increased interest from investors looking to capitalize on emerging opportunities in the digital asset space.
Featured image credit: Marco Verch via CCNull
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