Grayscale launches crypto investment trusts for SUI and TAO
Grayscale Investments has launched two new crypto investment trusts offering exposure to Bittensor and Sui.
The funds are the Grayscale Bittensor (TAO) Trust and the Grayscale Sui (SUI) Trust, and will invest in the two blockchain protocol’s native tokens. The crypto asset manager, whose spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds currently trade on U.S. exchanges, revealed the two crypto products in a press release on Aug. 7.
“We are excited to add Bittensor and Sui to our product suite, and believe Bittensor is at the center of the growth of decentralized AI, while Sui is redefining the smart contract blockchain,” Rayhaneh Sharif-Askary, the head of product & research at Grayscale, said.
Bittensor is a protocol powering a decentralized ecosystem and marketplace for artificial intelligence. Meanwhile, Sui is a layer-1 blockchain for digital assets ownership.
Other Grayscale crypto trusts
Grayscale offers access to numerous crypto investment products, which provide the exposure to crypto assets that investors need without having to worry about buying or custody challenges.
Sui and Bittensor join the asset manager’s suite of single-asset products. They are similar to the trusts that currently offer investment exposure to Solana, Bitcoin Cash, Chainlink, Filecoin, Litecoin, and Zcash, among others.
Grayscale’s TAO and SUI trusts are for accredited investors
According to the announcement on Aug. 7, both Sui and Bittensor trusts are private placement only. This means the investments are open to accredited institutional investors, who can gain exposure to the offered crypto investments via familiar structures.
“With the launch of Grayscale Bittensor Trust and Grayscale Sui Trust, we continue to provide investors with familiar products that enable access to tokens at the cutting edge of the crypto ecosystem’s continued evolution,” Sharif-Askary added.
Sui price surged amid the news, rising to highs of $0.06. TAO, however, continued to struggle after plummeting following the recent crypto sell-off.
