Grayscale adds a slew of cryptocurrencies to its watchlist
For the past two years, Grayscale has been the subject of constant talk. Known as the world’s largest crypto asset manager, it recently confirmed the addition of 13 new cryptocurrencies to its already long list.
What is Grayscale?
Anyone wishing to invest in cryptocurrencies through a known crypto asset manager knows full well that Grayscale is the one to contact. It is a subsidiary of the Digital Currency Group and specialises in the operation of publicly traded trusts. When it launched in 2013, it became known for its Grayscale Bitcoin Trust (GBTC), which still makes up more than £18 billion of its almost £25 billion in total assets.
Grayscale, however, loves diversity. This is what drives it to look into other cryptocurrencies. Last February, it considered adding 23 new products to its list, but in the end, it selected only five. These represent only 0.1% of its total assets.
However, it does not intend to stop any time soon, since it already intends to add 13 other products to its list.
What are the 13 products in Grayscale’s sights?
The information has been circulating for some time now and has finally been confirmed by the company. They plans to add 13 other products to its watchlist. These include Bancor (BNT), Loopring (LRC), Curve (CRV), 1inch (1INCH), Kyber Network (KNC), Universal Market Access (UMA), Near (NEAR), Ren (REN), Kava (KAVA), Ox (ZRX), Internet Computer (ICP), Polygon (MATIC) and Solana (SOL).
For this new project, it has bet on highly sought-after tokens, as well as tokens that are growing fast, including Solana and Near.
There are now 31 different assets on the watchlist, but Grayscale has already pointed out that they will not turn all of them into investment products. It is prepared to hold only a few, or none if it deems them not relevant enough. Its main difficulty now is to make that choice.
What is certain is that even if the company adds even more crypto to its list, the kingpin remains Bitcoin (BTC). This crypto dominates 73% of its assets and, obviously, the majority of institutions also have a preference for it.
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The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.