Crypto Asset Management Giant Grayscale Launches New Trusts for Ethereum Competitor and Bitcoin Layer-2 Project

On May 24, 2024

The world’s largest digital asset manager is unveiling two new crypto investment trusts for Ethereum (ETH) rival Near Protocol (NEAR) and Bitcoin (BTC) layer-2 project Stacks (STX).

In a statement, Grayscale Investment says Grayscale Near Trust and Grayscale Stacks Trust are now available for daily subscription by eligible individual and institutional investors.

The new investment trusts for Near and Stacks expand Grayscale’s expanding catalog of crypto product-focused investment vehicles.

“The trusts function like Grayscale’s existing suite of single-asset investment trusts, and each are among the first investment products solely invested in the tokens underpinning the Near Protocol (NEAR) and Stacks (STX).”

Grayscale’s Head of Product and Research, Rayhaneh Sharif-Askary, says the asset management titan is introducing new investment trusts amid continued demand for diversified exposure in crypto.

“Grayscale remains committed to launching new products that enable investors to access emerging and evolving parts of the crypto ecosystem.

By creating distinctive solutions to address blockchain’s scalability challenges, Stacks and Near are poised to help foster greater adoption—ultimately helping to drive the crypto ecosystem forward.”

NEAR is currently trading for $7.65, down by 4.67% over the past 24 hours, while STX is changing hands for $2.02, down by 3.09%.

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