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Grayscale Introduces Crypto Funds for Decentralized AI Project Bittensor’s TAO and Layer-1 Network Sui’s Token

Aug 6, 2024

As a seasoned researcher with a keen interest in digital assets and decentralized technologies, I find it fascinating to see Grayscale expanding its product suite yet again. My journey through the complex world of blockchain has led me to appreciate the potential that projects like Bittensor Protocol and Sui hold for our future.

Investment firm Grayscale, known for its bitcoin (BTC) and ether (ETH) exchange-traded funds, revealed on Wednesday plans to launch two fresh crypto funds. These new investment vehicles will focus on the native tokens of the decentralized AI project Bittensor Protocol (TAO) and the layer-1 blockchain Sui (SUI).

The Grayscale Bittensor Trust and Grayscale Sui Trust are investment vehicles that exclusively hold their respective cryptocurrencies. These funds are open to both individual and institutional investors who meet the necessary accreditation requirements, as stated in a recent press announcement.

“Rayhahne Sharif-Askary, Grayscale’s product and research leader, expressed enthusiasm about incorporating Bittensor and Sui into our collection of offerings. She considers Bittensor as a vital part of the expansion in decentralized AI, while she sees Sui as revolutionizing the concept of smart contract blockchains.”
Recently introduced products are in line with Grayscale’s debut of a decentralized trust for AI-centric digital assets last month. This trust not only provides investment opportunities for TAO but also for other tokens such as NEAR, RNDR, and FIL. As per the fund’s website, it had amassed close to $1 million in managed assets by August 5.
The company has recently converted its long-standing, structurally similar Grayscale Ethereum Trust (ETHE) into an ETF format, enabling redemptions following approval by U.S. regulatory bodies. They made a similar move with their primary Grayscale Bitcoin Trust (GBTC) back in January.

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2024-08-07 16:12