Grayscale Launches Near and Stacks Investment Trusts

Asset manager Grayscale unveiled two new investment trusts on Thursday, expanding its range of cryptocurrency offerings. These new trusts provide accredited investors with exposure to Bitcoin layer-2 Stacks (STX) and Near Protocol (NEAR), adding to Grayscale's diverse portfolio of crypto assets.

New Trust Offerings

The newly launched trusts function similarly to other private placements offered by Grayscale, tailored specifically for accredited individual and institutional investors. 

These trusts are among the first investment products solely focused on the tokens underpinning Near Protocol and Stacks. Eligible investors can now subscribe to these trusts daily, accessing unique opportunities within the evolving crypto ecosystem.

"With continued demand for diversified crypto asset exposure, Grayscale remains committed to launching new products that enable investors to access emerging and evolving parts of the crypto ecosystem," Sharif-Askary stated in a written statement to Decrypt.

Stacks and Near Protocol

Stacks, a Bitcoin layer-2 network, enhances Bitcoin by bringing smart contract functionality to its robust blockchain. This enables the development of decentralized finance (DeFi) applications on Bitcoin's network. Stacks recently began rolling out its Nakamoto upgrade, raising its profile amid the popularity of Bitcoin protocols like Ordinals and Runes.

The Near Protocol trust similarly targets investors interested in this high-performance blockchain designed for scalable decentralized applications. NEAR’s sharding technology offers improved scalability and efficiency, attracting interest from developers and investors alike.

Grayscale’s Expansion

Grayscale's new trusts join an extensive lineup of cryptocurrency-focused investment products, including those dedicated to Solana, Chainlink, and Decentraland. 

Grayscale continues to hold a significant position in the market with its spot Bitcoin exchange-traded fund (GBTC), which maintains one of the highest assets under management (AUM) in the crypto fund sector, totaling $20 billion as of May 23.

The launch of these new trusts comes as Grayscale’s prospects for having an Ethereum ETF approved have increased. The firm refiled its Ether ETF submission on May 21, removing mentions of staking to enhance its chances of approval.