Asset manager Grayscale announced two new trusts, exposing confident investors to the Bitcoin layer-2 Stacks and Near Protocol.
Two new stand-alone cryptocurrency trusts from Grayscale have been unveiled, offering restricted access to the altcoin blockchain Near Protocol (NEAR) and the Bitcoin layer-2 network Stacks (STX).
Rayhaneh Sharif-Askary, head of product and research at Grayscale, stated in a news release on Thursday that establishing these trusts is a reaction to the increasing need for diverse crypto-asset vehicles in a decentralized economy that is quickly emerging. Sharif-Askary sated:
“By creating distinctive solutions to address blockchain’s scalability challenges, Stacks and Near are poised to help foster greater adoption”
Grayscale is currently working to establish a spot Ethereum (ETH) ETF and growing its cryptocurrency portfolio. The company converted its GBTC product from a trust to an exchange-traded fund.
The application’s chances of receiving U.S. SEC approval have increased recently, and observers are confident about its outcome. Several potential issuers have filed updated 19b-4 forms.
Eric Balchunas of Bloomberg said that despite political obstacles, recent moves point to progress with spot Ether ETFs and an openness from the SEC to examine the products. However, the commission’s designation of ETH is still up for debate.
Issuers eliminated all staking language from their submissions, yet there is still a 25% probability of rejection. Before the end of the week, The Wall Street “cop on the beat” is expected to make a final decision on two proposals. Simultaneously, Chair Gary Gensler reaffirmed that most cryptocurrencies are securities assets and should be governed by his organization.
