Grayscale introduces cryptocurrency investment trusts for SUI and TAO.

Grayscale Investments has introduced two new cryptocurrency investment trusts that provide exposure to Bittensor and Sui.

The funds consist of the Grayscale Bittensor Trust, which has a performance of -2.38%, and the Grayscale Sui Trust, with a performance of -3.64%. These funds will invest in the native tokens of both blockchain protocols.

The crypto asset manager, known for its spot Bitcoin and Ethereum exchange-traded funds that are currently available on U.S. exchanges, announced these two new crypto products in a press release dated August 7.

"We are thrilled to incorporate Bittensor and Sui into our product lineup.

We believe that Bittensor is pivotal to the expansion of decentralized AI, while Sui is transforming the landscape of smart contract blockchains," stated Rayhaneh Sharif-Askary, head of product and research at Grayscale.

Bittensor serves as a protocol that enables a decentralized ecosystem and marketplace for artificial intelligence, whereas Sui functions as a layer-1 blockchain focused on digital asset ownership.

On August 7, it was announced that both the Sui and Bittensor trusts will be available exclusively through private placements. This means that only accredited institutional investors can participate, allowing them to invest in these crypto offerings through well-known structures.

“With the introduction of the Grayscale Bittensor Trust and Grayscale Sui Trust, we are committed to providing investors with familiar products that facilitate access to tokens at the forefront of the evolving crypto ecosystem,” stated Sharif-Askary.

In response to the news, the price of Sui experienced a significant increase, reaching a peak of $0.06. In contrast, TAO continued to face challenges, struggling to recover after a recent downturn in the crypto market.

Expanded Grayscale Crypto Trusts

Grayscale offers a diverse range of cryptocurrency investment products, enabling investors to access crypto assets without the challenges of buying or managing custody.

Recently, Sui and Bittensor have been incorporated into the asset manager's collection of single-asset products. These new additions are similar to the existing trusts that offer investment opportunities in assets like Solana, Bitcoin Cash, Chainlink, Filecoin, Litecoin, and Zcash, among others.