Grayscale Considers Expanding Crypto Offerings with 35 New Altcoins
Grayscale Investments, a leading crypto asset manager, has added 35 cryptocurrencies to its “under consideration” list for potential new investment products. The list, revealed on October 10 in a blog post, includes Dogecoin (DOGE), Worldcoin (WLD), Pyth (PYTH), and Rune (RUNE) among others.
These new prospects are divided into five categories: currencies, smart contract platforms, financials, consumer culture, and utilities. The largest share of new assets focuses on smart contract platforms, signaling Grayscale’s interest in alternative blockchain networks.
Smart Contract Platforms Dominate the List
Grayscale highlighted 16 smart contract platforms as potential candidates. Notable mentions include:
- Aptos (APT): A rising layer-1 blockchain.
- Arbitrum (ARB): A leading Ethereum Layer-2 scaling solution.
- Helium (HNT): A decentralized network for IoT infrastructure.
- Jupiter (JUP): A decentralized exchange built on Solana.
This focus reflects growing demand for innovative blockchain ecosystems beyond Ethereum.
Memecoins and Consumer Tokens Under Review
Dogecoin (DOGE), a popular memecoin, made it onto Grayscale’s list under its “consumer and culture” vertical. If approved, it would join other consumer-focused products like Basic Attention Token (BAT) and Decentraland (MANA).
This move highlights Grayscale’s expanding interest in culture-driven digital assets that appeal to mainstream users.
Grayscale’s Expansion: New Products Launched
Grayscale has been on a product expansion spree throughout 2023. Recent launches include:
- Aave Investment Fund (Oct. 3)
- XRP Trust (Sept. 12)
- Avalanche Fund (Aug. 22)
The firm currently offers 30 investment products, spanning 25 individual and diversified trusts, four exchange-traded funds (ETFs), and a dynamic income fund.
Bitcoin and Ether ETFs: Mixed Results
Grayscale remains one of the world’s largest institutional Bitcoin holders, managing 222,300 BTC, valued at $12.8 billion through its Grayscale Bitcoin Trust (GBTC). However, the conversion of GBTC into a spot ETF earlier this year triggered $20 billion in net share sell-offs, reflecting investor rebalancing.
Additionally, after launching two spot Ether ETFs in July, Grayscale experienced further multi-billion dollar outflows, underscoring the challenges in sustaining investor interest in crypto ETFs amid volatile markets.
