Grayscale unveils crypto trusts for Stacks and Near

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As a researcher with a background in finance and experience following the crypto market closely, I find Grayscale’s continued expansion into new digital asset investment products intriguing. The introduction of trusts for Stacks (STX) and Near Protocol (NEAR) is a strategic move to cater to the growing demand for diversified crypto-asset vehicles in the rapidly evolving decentralized marketplace.

As a financial analyst, I’ve noticed that despite SEC Chair Gary Gensler’s perspective that the majority of cryptocurrencies fall under the category of securities, Grayscale Investments remains active in introducing fresh digital asset investment solutions.

Two fresh crypto trusts have been unveiled by Grayscale, offering restricted investments in Bitcoin layer-2 platform Stacks (STX) and the altcoin blockchain Near Protocol (NEAR).

In a press release on Thursday, Rayhaneh Sharif-Askary, the head of product and research at Grayscale, shared that the company’s new trust offerings are aimed at meeting the increasing interest in varied crypto investment tools as the decentralized marketplace continues to advance.

As a researcher, I’ve observed that Stacks and Near have uniquely crafted answers to the scalability issues plaguing blockchain technology. With these innovative solutions, they stand ready to catalyze broader acceptance of this groundbreaking technology.

We’re thrilled to unveil the formation of two fresh single-asset crypto investment trusts, open for private placement: Grayscale® Near Trust ($NEAR) and Grayscale® Stacks Trust ($STX).Learn more in our press release: 1/3— Grayscale (@Grayscale) May 23, 2024

Grayscale’s spot Ethereum ETF play

At present, Grayscale is pursuing two initiatives: broadening its crypto offerings in parallel, and attempting to launch a spot Ethereum (ETH) ETF, having already transformed its GBTC product into an ETF.

The chances of the U.S. Securities and Exchange Commission (SEC) approving the application have become more favorable in recent days, according to experts. Multiple companies have filed revised applications using Form 19b-4.

According to Eric Balchunas of Bloomberg, recent advancements suggest that the Securities and Exchange Commission (SEC) is becoming more open to the idea of spot Ethereum exchange-traded funds (ETFs), despite facing political challenges. However, a major point of contention remains the SEC’s classification of Ethereum itself.

As an analyst, I’ve observed that some issuers have recently omitted staking-related language from their filings, indicating caution in the face of uncertainty surrounding regulatory approval. The final decision from the Wall Street watchdog on two pending bids is expected by the week’s end. Meanwhile, Chair Gensler has emphasized once more that most cryptocurrencies should be classified as securities assets and therefore subject to the jurisdiction of his regulatory body.

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2024-05-23 18:15