Grayscale launches new investment vehicles for NEAR and STX
|- Asset manager Grayscale unveiled two new trusts for NEAR and STX investments.
- Both trusts will grant investors exposure to NEAR and STX prices.
- Grayscale's investment in NEAR and STX could cause a positive price impact on the tokens.
In a press release on Thursday, Grayscale announced the creation and launch of Near Protocol (NEAR) and Bitcoin Layer 2 Stacks (STX) single asset trusts. The company stated that the launch is an attempt to satisfy increased investors' demands for diversified crypto-asset exposure.
Read more: NEAR protocol could see a rally as it sets out to launch an AI smart contract builder
Grayscale launch NEAR and STX trusts
Asset manager Grayscale unveiled two new trusts on Thursday that will grant investors exposure to the tokens of Near Protocol and Bitcoin Layer-2 Stacks.
The new trusts will be open for subscription to eligible investors on a daily basis and will not function differently from other single-asset investment trusts offered by Grayscale.
"With continued demand for diversified crypto-asset exposure, Grayscale remains committed to launching new products that enable investors to access emerging and evolving parts of the crypto ecosystem," said Grayscale's Head of Product & Research, Rayhaneh Sharif-Askary.
Also read: Stacks plans for Nakamoto Upgrade, total smart contracts deployed surge
"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," said Grayscale in the press release.
Grayscale offers several other trusts for cryptocurrency investments, including Solana, Ethereum, Litecoin and Bitcoin Cash. In January, the company converted its Bitcoin Trust to an ETF after the Securities & Exchange Commission (SEC) approved spot Bitcoin ETFs.
Grayscale has also filed to convert its Ethereum Trust to an ETF as the company awaits the SEC's decision on spot ETH ETFs.
Read more: Ethereum on the brink of 75% rally as SEC approves ETH ETFs
Furthermore, Grayscale may likely convert most of its other cryptocurrency trusts if other digital assets get their ETFs in the future.
Grayscale's investment in NEAR and STX could positively impact their prices. Both tokens are currently down by 3% but may soon begin to rally as investors look to Grayscale's newly-launched trusts.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.