Grayscale Investments launched Bittensor and Sui Trusts, with Grayscale Bittensor Trust focusing on TAO tokens for open-source AI development.
Bittensor and Sui have been added to the product suite of Grayscale Investments, a crypto asset manager, which has announced the introduction of two crypto investment trusts.
The crypto investment provider announced on August 7 that its Grayscale Bittensor Trust product will concentrate on investing in TAO, the native token of the Bittensor Protocol. To provide incentives for the development of open-source artificial intelligence, the project employs tokens.
Conversely, the new Grayscale Sui Trust will allocate capital to Sui (SUI), the native token of the layer-1 smart contract blockchain Sui protocol, which is dedicated to the development of decentralized applications (DApps).
Although the new products are currently accessible through subscription, they are not accessible to retail merchants. The products are exclusively available to eligible individuals and institutional accredited investors, as stated in Grayscale’s press release.
Grayscale’s director of product and research, Rayhaneh Sharif-Askary, expressed enthusiasm for the addition of the products. The executive stated:
“With the launch of Grayscale Bittensor Trust and Grayscale Sui Trust, we continue to provide investors with familiar products that enable access to tokens at the cutting edge of the crypto ecosystem’s continued evolution.”
The two trusts operate in a manner that is consistent with the company’s current single-asset investment trusts, as per Grayscale. Nevertheless, Grayscale stated that each product is one of the first investment products to concentrate on Sui or Bittensor.
Grayscale is a cryptocurrency investment manager that is well-known for offering crypto investment vehicles, such as the Grayscale Bitcoin Trust (GBTC). The two new products, which are financial instruments, are designed to provide exposure to crypto assets without the direct acquisition of tokens, similar to GBTC.
Through its Grayscale Ethereum Trust, Grayscale was among the first institutions to provide institutional investors with exposure to Ether. This trust has since been transformed into an exchange-traded fund (ETF).
The product’s cumulative outflows exceeded $2 billion as a result of the fund’s outflows of approximately $78 million on August 1. Analysts anticipate that the outflows may decrease, which could serve as a positive catalyst for Ether.
