- Sui and Bittensor headline a cryptocurrency rally, with Sui’s price soaring by 31.84%.
- Grayscale has introduced two new trusts, focusing on the native tokens of Bittensor and Sui.
- The new trusts allow investors to gain exposure to these cryptocurrencies by bypassing direct acquisition challenges.
Sui, Helium, Sei, Bittensor and Celestia are leading the crypto rally that has followed the Monday market crash. Sui has seen the strongest gains with a whopping 31.84% in the past 24 hours and currently trades for US$0.8315 (AU$1.25).
Related: US Group Proposes Tax-Free Bitcoin Zone to Boost Digital Economy
Meanwhile, Bittensor (TAO) has surged 15% from US$267.23 (AU$405.53) yesterday to US$304.27 (AU$461.74) as of the time of writing.
Grayscale Introduces New Altcoin Trusts
The surge doesn’t come out of nowhere, as Grayscale has just launched two new crypto funds.
The Grayscale Bittensor Trust and Grayscale Sui Trust, focused on investing in the native tokens of Bittensor Protocol (TAO) and Sui (SUI) blockchains, are the latest addition to the Grayscale trust. These single-asset funds are available to accredited individual and institutional investors.
A statement by Grayscale explained how the SUI trust works:
Grayscale SUI Trust is one of the first securities solely invested in and deriving value from the price of SUI (“SUI”) that enables investors to gain exposure to SUI in the form of a security while avoiding the challenges of buying, storing, and safekeeping SUI, directly.
GrayscaleThe new trusts are just two of many crypto products Grayscale features, other trusts offer exposure to the Basic Attention Token (BAT), Chainlink (LINK), Decentraland (MANA), Litecoin (LTC), Solana (SOL) and many more.
Grayscale Rebalances Funds, Drops Some Tokens
In July, the firm announced another reshuffle of their Grayscale Digital Large Cap Fund (GDLC), Grayscale DeFi Fund (DEFG), and Grayscale Smart Contract Platform Ex-Ethereum Fund (GSCPxE Fund) products.
GDLC removed Cardano (ADA) from its portfolio in April and didn’t add it back in – while GSCPxE saw the removal of Cosmos (ATOM) in April and Polygon (MATIC) in July, it still holds considerable amounts of ADA.
In a reaction to the decision, Cardano founder Charles Hoskinson voiced his displeasure with the decision. He said the Cardano ecosystem is poised for enormous growth and he “wouldn’t bet against an ecosystem with the ability to engage and unlock millions of people, has an on-chain sovereign wealth fund, and has never failed in 2300+ days of uptime 24/7”.
Related: ETH vs SOL Battle Erupts Online Amid Ran Neuner’s Mixed Views on Ethereum
Meanwhile ADA, the native coin of the Cardano blockchain is at the edge of the top ten cryptos by market cap.
Cardano had a much larger market cap earlier in the year, but after Solana and Toncoin moved past it and eventually Dogecoin as well, that changed. The Cardano network now sits in tenth spot by market cap with US$12.4 billion (AU$18.81 billion) vs Dogecoin with US$15.2 billion (AU$23.06 billion) and Tron in eleventh spot with US$11 billion (AU$16.69 billion).
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