Grayscale Crypto Trusts Are Now Opened To Accredited Investors

Key Points:

• Grayscale offers private subscriptions for Grayscale crypto trusts based on asset value.
• Genesis sells $1.3 billion in GBTC shares post-court ruling amid ETF transition.
• FTX empties Grayscale stake; DCG transfers shares to Gemini amid Genesis dispute resolution.

Grayscale, a prominent player in the cryptocurrency investment space, has opened private placement subscriptions for several of Grayscale crypto trusts to accredited investors.

Read more: Grayscale Spot ETF: Basic Knowledge and Positive Future Outlook

Grayscale Opens Private Subscriptions for Grayscale Crypto Trusts

The Grayscale crypto trusts include Grayscale Bitcoin Cash Trust, Grayscale Chainlink Trust, Grayscale Litecoin Trust, Grayscale Solana Trust, and Grayscale Stellar Lumens Trust.

Subscriptions for these Grayscale crypto trusts will be based on their net asset value, with Grayscale managing a portfolio of 25 crypto assets, with leaders such as Bitcoin, Ethereum, Solana, and Litecoin.

This move follows a court ruling allowing Genesis Global to proceed with the sale of approximately 35 million shares in Grayscale’s GBTC fund, valued at over $1.3 billion. The flagship GBTC fund recently transitioned into a bitcoin ETF, becoming a frontrunner in trading volume since its launch. However, it has experienced a significant decline in value, losing over $6 billion.

FTX Clears Grayscale Stake as DCG Transfers Shares to Gemini

FTX, another major player, has sold nearly $1 billion in GBTC shares since the ETF conversion in January, depleting its Grayscale stake entirely.

Grayscale’s flagship product, the Grayscale Bitcoin Trust (GBTC), was introduced in September 2013.

Moreover, Grayscale’s parent company, DCG, has agreed to transfer these shares to Gemini, benefitting Gemini lenders amidst FTX’s recent troubles. Genesis emerged victorious in a dispute over the ownership of these shares, potentially paving the way for their sale to repay creditors.