Grayscale Launches New Fund Dedicated to MakerDAO Governance Token
Grayscale, the well-known crypto asset management giant behind Bitcoin and Ethereum ETFs, has announced the launch of a new fund dedicated to the MakerDAO governance token (MKR).
This fund, structured similarly to other single-asset funds offered by Grayscale, will only be accessible to accredited investors, whether they are individuals or institutions.
The Grayscale MakerDAO Trust is a closed-end fund, meaning that investors will not be able to directly withdraw their shares from the fund. This structure can result in price discrepancies between the fund’s shares on secondary markets and the underlying value of the asset. This is a crucial point for investors, as these discrepancies can create additional opportunities or risks depending on market fluctuations.
The launch of this MakerDAO-focused fund is part of a series of recent offerings by Grayscale. In the past month, the company has also introduced single-asset funds for the decentralized artificial intelligence project Bittensor (TAO) and the layer 1 blockchain Sui (SUI). Additionally, Grayscale has launched a fund focused on decentralized artificial intelligence, investing in a basket of cryptocurrencies such as Near (NEAR), Render (RNDR), and Filecoin (FIL).
Following Grayscale’s announcement, the price of the MKR token quickly surged by over 5% in just one hour, reaching $2,125.
MakerDAO is one of the most influential protocols in the decentralized finance ecosystem. Led by a decentralized autonomous organization (DAO), the protocol manages over $7 billion in crypto assets and real-world assets, including US Treasury bonds. MKR token holders have the opportunity to participate in governance decisions by voting on proposals that affect the protocol’s future.
One of the key aspects of the protocol is the issuance of DAI, the third-largest stablecoin in the market with a market capitalization of approximately $5 billion. Currently, MakerDAO is undergoing a major transformation called the ‘End Game’, initiated by its founder, Rune Christensen. This process includes the launch of improved versions of the MKR and DAI tokens, aiming to enhance the protocol’s efficiency and resilience.
