Grayscale Introduces Crypto Trusts for Stacks and Near
Grayscale Investments, despite SEC Chair Gary Gensler’s belief that most cryptocurrencies are securities, continues to launch new digital asset investment products. The company has recently introduced two new standalone crypto trusts, offering limited exposure to Bitcoin layer-2 network Stacks (STX) and altcoin blockchain Near Protocol (NEAR).
According to Rayhaneh Sharif-Askary, Grayscale’s head of product and research, these trusts were created in response to the increasing demand for diversified crypto-asset vehicles in the rapidly developing decentralized marketplace. Sharif-Askary stated that Stacks and Near are uniquely positioned to address blockchain’s scalability challenges and promote greater adoption.
In addition to these new offerings, Grayscale is also expanding its crypto suite by pursuing the listing of a spot Ethereum (ETH) ETF. This move follows the successful conversion of its GBTC product from a trust to an exchange-traded fund. Recent developments suggest that the odds of the SEC approving the application have improved, sparking optimism among observers. Some prospective issuers have made amended filings in 19b-4 forms, indicating progress with spot Ether ETFs.
However, there are still concerns regarding the SEC’s classification of ETH, as it remains a point of contention. To mitigate this, issuers have removed all staking language from their filings, although there is still a 25% chance of rejection. The SEC is expected to deliver its final decision on two bids by the end of the week. Meanwhile, Chair Gary Gensler has reiterated his stance that most cryptocurrencies are securities and should be regulated by the SEC.
Overall, the crypto industry is speculating on whether the SEC’s potential approval of Ethereum ETFs is driven by election politics or a genuine evolution in the acceptance of cryptocurrencies.
