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Not only Bitcoin: Grayscale introduces 5 new crypto trusts
Not only Bitcoin: Grayscale introduces 5 new crypto trusts
Crypto

Not only Bitcoin: Grayscale introduces 5 new crypto trusts

By Eleonora Spagnolo - 17 Mar 2021

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Grayscale expands the number of its crypto trusts by adding five new asset types:

  • Basic Attention Token (BAT),
  • Chainlink (LINK),
  • Decentraland (MANA)
  • Filecoin (FIL)
  • Livepeer (LVP).

This was announced by CEO Michael Sonnenshein via Twitter:

With these new trusts, Grayscale will most likely increase assets under management (AUM) which are just short of $43 billion

The Grayscale Bitcoin Trust is obviously the lion’s share, with an impressive $36 billion, though recently Grayscale seems to be also focusing on Litecoin through recent purchases.

Grayscale is aimed at institutional investors, who do not seek direct exposure to Bitcoin, but buy ‘shares’ through Grayscale, collateralized with cryptocurrencies. 

The impact of Grayscale’s new crypto trusts

The news of Grayscale’s new cryptocurrency trusts is driving up the prices of the crypto assets involved.

Basic Attention Token (BAT), the cryptocurrency used for rewards by the Brave browser, is currently gaining 56%, 31% in the last hour alone, which is when Grayscale’s announcement was made. Over the 24-hour period, BAT has risen from $0.79 to $1.25.

Chainlink‘s gain was smaller, rising almost 10%, a boost that came from the Grayscale listing. Chainlink is back above $30 again.

Decentraland (MANA), which gained slightly less than 5%, but was still above the one-dollar mark, did not get much of a boost either. Only in the last hour did it gain 26%.

Those who are flying are Filecoin and Livepeer. Filecoin gains 33% over 24 hours to $72. 

Livepeer is beating everyone, ranking No. 234 on CoinMarketCap. Grayscale’s choice is making it gain 80% over 24 hours and 112% since the news was made public alone

A real flight that rewards a project that aims to create a video streaming service on the Ethereum blockchain. LVP is currently listed on Uniswap. One can bet that thanks to Grayscale, its popularity is set to grow.

Eleonora Spagnolo
Eleonora Spagnolo

Journalist passionate about the web and the digital world. She graduated with honours in Multimedia Publishing at the University La Sapienza in Rome and completed a master's degree in Web and Social Media Marketing.

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