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Grayscale Introduces New Crypto Funds For TAO & SUI, Triggering Price Responses

Grayscale Introduces New Crypto Funds For TAO & SUI, Triggering Price Responses
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Grayscale Unveils Bittensor and Sui Trusts

Grayscale Investments, one of the world’s largest crypto asset managers and exchange-traded fund (ETF) issuers, has unveiled its latest offerings. The company recently announced the launch of two new crypto mutual funds, the Grayscale Bittensor Trust and the Grayscale Sui Trust.

Fund Overview

According to the company’s announcement, the Grayscale Bittensor Trust is exclusively dedicated to TAO, the token supporting the Bittensor Protocol, which incentivizes the advancement of open-source artificial intelligence (AI) technologies. In parallel, the Grayscale Sui Trust focuses solely on SUI, the token underpinning the Sui protocol, a Layer 1 (L1) blockchain designed to facilitate globally scalable decentralized applications.

Features and Benefits

The newly launched Trusts are available for daily subscription by eligible individual and institutional accredited investors and operate similarly to Grayscale’s existing suite of single-asset investment trusts. Rayhaneh Sharif-Askary, Grayscale’s Head of Product & Research, expressed enthusiasm about the new additions, emphasizing the “pivotal roles” Bittensor and Sui play in the decentralized AI and smart contract blockchain realms, respectively.

Sharif-Askary explained that the launch of Grayscale Bittensor Trust and Grayscale Sui Trust continues to provide investors with familiar products that enable access to tokens at the cutting edge of the crypto ecosystem’s continued evolution. Grayscale also confirmed its intention to seek a secondary market listing for the new products, pending regulatory considerations.

Price Analysis

Following the asset manager’s announcement, the two tokens present a stark contrast in price action. The SUI token hit a 9-month low of $0.4636 on August 5th, following a steady decline from its all-time high of $2.17 in March. However, SUI has climbed back to the $0.6166 level since Monday, with a 3% increase in the last 24 hours, with its next resistance wall at $0.6966.

On the other hand, the TAO token has been unable to post gains in recent weeks, registering a 24% price drop in the fourteen-day time frame. Despite this, TAO has rallied significantly to the $253 level on Wednesday after falling to the $164 level on Monday.

Conclusion

The introduction of Grayscale Bittensor Trust and Grayscale Sui Trust marks a significant milestone in the growing crypto asset management industry. Both funds offer investors the opportunity to gain exposure to the rapidly evolving realms of decentralized AI and smart contract blockchains. As the crypto market continues to grow and evolve, it will be exciting to watch these new funds shape the trajectory of the industry.

FAQs

Q: Can I invest in Grayscale Bittensor and Grayscale Sui Trust?

A: Yes, the newly launched Trusts are available for daily subscription by eligible individual and institutional accredited investors.

Q: Can I trade Grayscale Bittensor and Grayscale Sui Trust on a secondary market?

A: Grayscale confirmed its intention to seek a secondary market listing for the new products, pending regulatory considerations.

Q: How are these funds different from existing Grayscale trusts?

A: While Grayscale’s existing trusts offer investment exposure to a range of cryptocurrencies, the newly launched Grayscale Bittensor Trust and Grayscale Sui Trust focus exclusively on TAO and SUI, respectively, offering investors dedicated exposure to these rapidly evolving and strategically important blockchain technologies.

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