Grayscale launches Avalanche Trust, a single-asset crypto investment trust, prompting AVAX to rise 10% today.
Grayscale Investment, a leading crypto asset manager, has unveiled an investment trust for Avalanche.
Following this announcement, AVAX’s price surged by nearly 10%, signaling a positive shift in investor sentiment.
This development also underscores the asset manager’s commitment to broadening its digital asset investment offerings.
Grayscale Expands Crypto Portfolio with Avalanche Trust
In its latest announcement, Grayscale Investments introduced its newest single-asset crypto investment trust focused on the Avalanche token.
According to the announcement, this product will be available to accredited investors, enabling them to invest directly in AVAX.
The trust is part of Grayscale’s broader strategy to provide diverse investment opportunities within the crypto ecosystem.
The asset manager emphasized that the AVAX blockchain is specifically designed to tackle the “blockchain trilemma” by enhancing scalability, security, and decentralization.
Rayhaneh Sharif-Askary, Head of Product & Research at Grayscale, praised the platform’s importance, emphasizing that the crypto trust plays a key role in advancing real-world asset (RWA) tokenization.
He highlighted that the platform’s strategic partnerships and multi-chain structure have already driven wider adoption of RWA tokens, making it an appealing investment option.
Additionally, the launch of this new crypto trust aligns with the asset manager’s commitment to the crypto sector.
The firm seems to be focused on providing investors with seamless access to emerging and impactful developments within the crypto industry.
The company currently offers over 20 crypto investment products, showcasing its ongoing dedication to the digital asset space.
AVAX Price Surges
Following the announcement, AVAX’s price surged by around 10% to $25.04, with trading volume increasing nearly 9% to $333.31 million.
Over the past 24 hours, the cryptocurrency reached a low of $22.70.
Notably, CoinGlass data revealed that AVAX’s Open Interest climbed more than 9% to $257.04 million, reflecting growing investor interest in the crypto.
According to a recent Avalanche price analysis, the cryptocurrency could exceed $76 by the end of 2024.
The recent price surge suggests that investors are responding positively to the Grayscale announcement.
In other words, the trust might be boosting investor optimism by increasing exposure to the crypto.
