• CoinStic
  • Posts
  • Crypto Giant Grayscale Launches New Trusts for Bittensor (TAO) and Sui

Crypto Giant Grayscale Launches New Trusts for Bittensor (TAO) and Sui

August 07, 2024

Crypto giant Grayscale is launching new trusts for machine learning marketplace Bittensor (TAO) and smart contract platform Sui Network (SUI).

In a new press release, the world’s largest crypto asset manager says it’s launching the new products due to growing consumer demand for diversification.

“Grayscale Bittensor Trust is solely invested in TAO, the token underpinning the Bittensor protocol, which leverages tokens to incentivize the development of open-source AI.

Grayscale Sui Trust is focused solely on investing in SUI, the token underpinning the Sui protocol, a high-performance layer-1 smart contract blockchain designed to enable globally scalable decentralized applications.”

According to the press release, the trusts will function the same as other single-investment trusts offered by the firm and are among the first products to solely invest in the TAO and SUI tokens.

As stated by Rayhaneh Sharif-Askary, Grayscale’s head of product and research,

“We are excited to add Bittensor and Sui to our product suite, and believe Bittensor is at the center of the growth of decentralized AI, while Sui is redefining the smart contract blockchain.

With the launch of Grayscale Bittensor Trust and Grayscale Sui Trust, we continue to provide investors with familiar products that enable access to tokens at the cutting edge of the crypto ecosystem’s continued evolution.”

The trusts are currently open for daily subscription for eligible individuals and accredited institutional investors.

TAO is trading for $252 at time of writing, a 3% decrease on the day while SUI is valued at $0.62, a 4% increase during the same time frame.

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Salamahin/Mia Stendal