The investment firm Grayscale expanded its offer of funds for its clients, with the opening of new products based on the cryptocurrencies Chainlink (LINK), Basic Attention Token (BAT), Filecoin (FIL), Decentraland (MANA) and livepeer (LPT).
Through a press release, the company announced the launch of these new investment funds in cryptocurrencies. These funds work the same as those of the other cryptocurrencies already existing in their offer, exposes Grayscale in the text.
Now, the firm offers exposure to a total of 13 cryptocurrencies , adding their investment funds in bitcoin (BTC), ether (ETH), bitcoin cash (BCH), ethereum classic (ETC), horizen ( ZEN), litecoin (LTC), stellar lumens (XLM), and zcash (ZEC). Additionally, they have a mixed fund, called Grayscale Digital Large Cap Fund , which allows investing in a basket of assets with the highest market capitalization.
Regarding the new currencies included, the company assures that it is a response to the growing demand of investors for more options in the world of cryptocurrencies .
«Digital currencies have reached a turning point. Investor demand has never been so high, and we see new entrants every day, ”said Michael Sonnenshein, CEO of Grayscale.
Some large cryptocurrencies and a particular case
Among the new currencies that come to this digital asset manager, LINK stands out, the token of the Chainlink oracle network, which runs on the Ethereum blockchain. This cryptocurrency is currently in the top 10 , according to market capitalization.
For its part, FIL is among the 20 most valuable assets on the market today Among the top 60, we find BAT, the rewards token of the Brave browser; and MANA, from the virtual reality platform on Ethereum, Decentraland.
Perhaps the most curious case is the arrival of LPT to Grayscale, as it is a little-known cryptocurrency. The token of the Livepeer network, a platform for videos and live broadcasts, does not even appear among the 200 with the largest market capitalization.
Of the 5, the cryptocurrency with the greatest reaction to the news was precisely LPT. In just 24 hours, it has doubled in price and exceeds $ 15 per unit, a new all-time high. BAT (40% up), FIL, which is up more than 30%; and LINK (with an increase of 9%), have also benefited quickly in the market.
MANA, on the other hand, has not reacted positively to his arrival at Grayscale. The Decentraland token has fallen 3.5% in the last 24 hours, although in a range of one week its price rose close to 80%, according to CoinMarketCap data.
The timing of institutional investments in bitcoin and other cryptocurrencies
It is increasingly common for a company to decide to invest millions of dollars in the cryptocurrency market. This occurs mainly with bitcoin , the main cryptocurrency in the market already recognized by many figures in the financial world as a good value store option, even compared to gold.
But that wave of investments has begun to overflow from the pioneer cryptocurrency towards the so-called altcoins, with some companies also beginning to invest in Ethereum and other cryptocurrencies, as reported by CriptoNoticias recently. Grayscale’s crypto fund has been growing with the same wave and exceeded 36,000 million dollars in assets under its custody. Therefore, this expansion in its offer is not strange, something that they have been constantly evaluating , beyond having closed its fund in ripple (XRP) at the beginning of the year.
The firm had already announced the arrival of some of these cryptocurrencies, registering six new funds with US authorities. From that list, the only thing left to do is open the Tezos investment fund (XTZ).