- Grayscale announced trusts for Near Protocol and Stacks.
- Crypto market is upbeat ahead of a potentially huge announcement from the SEC on spot Ethereum ETF.
Grayscale Investments has announced two new investment trusts to provide for diversified crypto exposure – the Grayscale Near Trust and Grayscale Stacks Trust.
According to details of the announcement, the two products are similar to other single-asset investment trusts and are exclusively invested in Stacks (STX) and Near Protocol (NEAR).
“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,” Rayhaneh Sharif-Askary, Head of Product & Research at Grayscale, said in a statement.
Eligible individual and institutional accredited investors can now access daily subscriptions for the two trusts, Grayscale specified in the announcement.
Grayscale eyes approval for its spot ETH ETF
Grayscale is a leader in the crypto products space, with its spot Bitcoin ETF (GBTC) currently the largest by assets under management (AUM). The company is also among those eyeing an approval from the US Securities and Exchange Commission (SEC) for spot Ethereum ETFs.
Like most other issuers, Grayscale submitted a revised 19b-4 filings for its spot Ether ETF. The platform joins BlackRock, Bitwise and other applicants in submitting the 19b-4s, with provisions for ETH staking removed.
The SEC is expected to approve the first spot Ethereum ETF for the US market, with an announcement highly anticipated on today.
Analysts forecast that an approval could catalyse an explosive run for ETH and other altcoins.
STX and NEAR tokens could surge amid this bull run, with the Bitcoin Layer 2 protocol Stacks also likely toget impetus from Bitcoin’s anticipated rally.
Stacks price was at $2.01 while Near Protocol traded at $7.64.