Grayscale Launches New Trusts for Access to Stacks and Near Protocol
Grayscale, a well-known asset manager, has recently unveiled two new investment trusts. These products provide accredited investors with access to Stacks, a Bitcoin layer 2, and Near Protocol.
These funds are similar to Grayscale’s other private placements, which include cryptocurrencies such as Solana, Chainlink, and Cardano.
Rayhaneh Sharif-Askary, Head of Product and Research at Grayscale, highlights the continued demand for diversified exposure to crypto assets. Grayscale aims to meet this demand by launching new products that provide access to emerging segments of the crypto ecosystem.
Stacks and Near Protocol: Two Innovative Technologies
Stacks, a Bitcoin layer 2, introduces smart contract functionality, enabling the development of decentralized finance applications on the oldest crypto network. With the recent deployment of its Nakamoto upgrade and the popularity of Bitcoin protocols such as Ordinals and Runes, Stacks has gained new momentum.
Kyle Ellicott, Head of Investor Relations at Stacks, notes a significant increase in institutional demand within the Stacks ecosystem and the overall Bitcoin ecosystem.
NEAR Protocol and its Commitment to Decentralized Computing and AI
NEAR Protocol, launched in 2020, has established itself as a fast blockchain focused on decentralized cloud computing. Recently, the project announced the launch of a new research and development laboratory dedicated to artificial intelligence.
By creating distinct solutions to address blockchain scalability challenges, Stacks and Near can foster greater adoption and contribute to the advancement of the crypto ecosystem.
Sharif-Askary acknowledged the innovative nature of Stacks and Near Protocol, stating that these distinctive solutions for addressing blockchain scalability challenges are likely to foster wider adoption and contribute to the advancement of the crypto ecosystem.
Leadership Transition at Grayscale and Future Perspectives
Grayscale also announced that its current CEO, Michael Sonnenshein, will be stepping down and will be replaced by Peter Mintzberg starting from August 15. Sonnenshein joined Grayscale in 2014 and became CEO in 2021. He expressed gratitude for his contribution in making Grayscale an industry leader.
In addition, Grayscale aims to convert its private placements into ETFs, with the Grayscale Bitcoin Trust being the only product to have achieved this status to date. The company is also seeking SEC approval for its Ethereum Trust, as the financial world closely monitors the evolution of crypto ETF regulations.
