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Grayscale Launches SUI and TAO Trusts
Grayscale adds some of this cycle's buzziest new entrants to its list of trust offerings.
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Grayscale launches new crypto investment trusts for SUI and TAO.
What's the scoop?
- New Trusts Launched: Grayscale launched the Grayscale Bittensor Trust, investing in Bittensor’s token TAO, and Grayscale Sui Trust, investing in Sui blockchain’s token Sui.
- Rational For Launch: Rayhaneh Sharif-Askary, Grayscale’s head of product and research explained that,"we are excited to add Bittensor and Sui to our product suite, and believe Bittensor is at the center of the growth of decentralized AI, while Sui is redefining the smart contract blockchain.”
- Existing Trusts: These trusts add to Grayscale’s list of 18 existing ones including for Solana, Litecoin, Near, Stacks, Zcash, and Stellar.
Bankless Take:
Both Bittensor and Sui, both new to crypto this cycle, have achieved substantial institutional support, now further bolstered by Grayscale’s addition of them to its trust offerings. Bittensor, a decentralized network for machine learning comprised of subnets purpose built for training models for specific use cases, has received investment from Digital Currency Group, Polychain, and OSS Capital, an open source software fund founded in 2018. Sui, on the other hand, raised $300M from a16z, Coinbase, Jump, Circle, FTX (RIP), and has recently partnered with TikTok partner company Bytedance’s BytePlus, their technology solutions platform, for expansion onto blockchains.
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