The new products will only be available to accredited investors

Grayscale will launch crypto trusts based on STX and NEAR tokens

23.05.2024 - 15:35

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3 min

What’s new? Grayscale Investment Company, which manages the largest spot bitcoin exchange-traded fund (ETF) under the ticker GBTC with over $20 billion in assets under management, has announced the launch of two new cryptocurrency trusts. The new products will only be available to accredited investors and will allow them to access STX and NEAR.

Decrypt’s material

What else is known? STX is a native token of the Bitcoin-based Layer 2 (L2) Stacks network. The project brings the functionality of smart contracts and allows the development of decentralized applications (DApps) based on the blockchain of the first cryptocurrency.

The project team is preparing for the Nakamoto hardfork to increase throughput and modernize the mining process, which will result in blocks being released at a fixed frequency.

STX ranks 46th in the overall cryptocurrency ranking by market capitalization at $2,93 billion and is trading at $2,01, having lost 1,9% overnight. The weekly drop was 2,3%, with the asset adding 34% since the beginning of the year.

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NEAR Protocol with the NEAR native token is a high-speed L1 blockchain focused on decentralized cloud computing. It offers scalability, high throughput and low fees, and interoperability with other networks, allowing developers to deploy DApps.

Earlier this week, the project team announced the launch of an artificial intelligence research and development lab.

NEAR ranks 19th in the overall ranking of cryptocurrencies with a capitalization of over $8,2 billion and is trading at $7,66, having lost 3,3% over the day. The weekly drop amounted to 6,1%, while the asset has risen in price by 110% since the beginning of the year.

Grayscale’s parent company reported revenue growth of 11% for the quarter

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Grayscale, despite the outflow of funds from GBTC, also ended the reporting period with a positive financial result

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Grayscale also manages crypto funds Grayscale Digital Large Cap Fund (GDLC) and Grayscale Smart Contract Platform Ex-Ethereum Fund (GSCPxE). In April, it announced that it had completely removed ADA and ATOM tokens from the GDLC and GSCPxE portfolios, respectively, as part of its quarterly rebalancing.

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