As the cryptocurrency market continues its good run, the world’s largest crypto asset manager made a huge announcement regarding its digital assets trusts. In the latest update, Grayscale opened private placement subscriptions for several crypto trusts to accredited investors. However, this move comes in when the cumulative crypto market capitalisation is nearing regaining the $2 trillion mark.
Grayscale set to push crypto market up?
According to a report, Grayscale’s email notification showed that the listed accredited investors will have special access to some of its crypto trusts. This includes Grayscale Bitcoin Cash Trust (BCHG), Grayscale Chainlink Trust (GLNK), Grayscale Litecoin Trust (LTCN), Grayscale Solana Trust (GSOL), and Grayscale Stellar Lumens Trust (GXLM). However, subscriptions will be conducted based on the net asset value.
This move allows accredited investors to gain exposure to these crypto assets through trusted investment products. Grayscale has been a key player in providing institutional grade exposure to digital assets. This step further expands the accessibility of crypto investments to a broader audience.
It is important to note that this major announcement comes in when the crypto market is thriving. Bitcoin (BTC), the biggest crypto, price jumped by around 17% in the last 7 days. BTC breached the $52,000 price level with this staggering surge. However, Bitcoin also regained its long lost $1 trillion market cap title.
Bitcoin is trading at an average price of $51,876, at the press time. Its 24 hour trading volume is up by 30% to stand at $44.2 billion.
What’s up with trusts?
Grayscale’s Bitcoin Trust (GBTC) received approval from the US Securities and Exchange Commission (SEC) for listing on NYSE Arca. The SEC approved NYSE Arca’s application under Rule 19b-4 of the Securities Exchange Act of 1934.
This milestone allowed GBTC to operate as a spot Bitcoin Exchange-Traded Fund (ETF). It made it one of the first such products to enter the market in the United States.
The crypto trusts opened up special investors are also on their way up, decreasing the discount gap created due to poor market performance.
Bitcoin Cash price is up by 12% in the last 7 days. BCH is trading at an average price of $271, at the press time. While Solana, one of the biggest gainers of 2023, has gained 14% in the same period. SOL is trading at an average price of $115, at the press time. However, Chainlink’s price is also up by 5% in the last 7 days and trading around $20.
