Grayscale Investments, one of the world’s largest crypto asset managers and exchange-traded fund (ETF) issuers, has unveiled its latest offerings. On Wednesday, the company announced the launch of two new crypto investment funds: the Grayscale Bittensor Trust and the Grayscale Sui Trust.
Grayscale introduces Bittensor and Sui Trusts
According to the announcement, the Grayscale Bittensor Trust is dedicated exclusively to TAO, the token that supports the Bittensor protocol, which promotes the advancement of open-source artificial intelligence (AI) technologies.
In parallel, the Grayscale Sui Trust focuses exclusively on SUI, the token underlying the Sui protocol, a Layer 1 (L1) smart contract Blockchain was developed to enable globally scalable decentralized applications.
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Rayhaneh Sharif-Askary, Head of Products and Research at Grayscale, was excited about the new additions and highlighted the “key roles” Bittensor and Sui play in the areas of decentralized AI and smart contract blockchain, respectively. Sharif-Askary said:
With the launch of Grayscale Bittensor Trust and Grayscale Sui Trust, we continue to provide investors with familiar products that provide access to tokens at the forefront of the ongoing evolution of the crypto ecosystem.
These newly launched trusts are now available for daily subscription by eligible individuals and accredited institutions. Investorsand functions similarly to Grayscale’s existing suite of single-asset investment funds.
Notably, these are some of the first investment products focused exclusively on the tokens underlying the Bitterensor protocol and Sui.
In Wednesday’s announcement, Grayscale also confirmed its intention to seek a secondary market listing for the new products, but warned that success is not guaranteed. regulatory aspects pose potential challenges.
SUI & TAO Price Analysis
Following the asset manager’s announcement, the two tokens show a stark contrast in price performance, following the broader market crash experienced at the weekend and worsened on Monday.
For example, the SUI token hit a 9-month low of $0.4636 on August 5, after a steady decline from its all-time high of $2.17 in March this year. However, since Monday, SUI has climbed back to the $0.6166 level, with a 3% increase in the last 24 hours, with the next resistance wall at $0.6966.
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On the other hand, the TAO token has failed to record any gains in the past few weeks, recording a gain of 24%. Price drop in the 14-day period. Nevertheless, TAO has gained significantly to the level of $253 on Wednesday after falling to the level of $164 on Monday.
In case of a further rise to regain previously lost levels, the least hurdle in the short term is the $300 mark, which is crucial for bullish investors of the token to move closer to the all-time high of $757 reached in March.
Featured image of DALL-E, chart from TradingView.com
