Grayscale to Launch 5 New Cryptocurrency Investment Funds by March
Market inclination is towards LTC, XRP, and VTC funds
Grayscale to Offer 5 New Funds by March
Grayscale Investments, LLC, a Digital Currency Group company, currently has 3 existing cryptocurrency investment trusts in its portfolio. The company is now set to offer 5 more cryptocurrency investment funds to investors; 4 of which will be single-currency crypto funds and 1 will track a digital basket of cryptocurrencies. “By the end of the first quarter of this year, we’ll have a total of eight investment products,” said Grayscale Managing Director Michael Sonnenshein during an interview on January 23rd, as reported by Bloomberg. The company’s existing 3 funds track the performance of Bitcoin (BTC), Ethereum Classic (ETC), and Zcash (ZEC), respectively.
Market Responses Are Favorable Towards LTC, XRP, and VTC
Although the names of these cryptocurrencies haven’t been revealed yet, media responses to the news and Michael Sonnenshein’s (Managing Director @GrayscaleInvest) Twitter profile (image to the left) and responses to Barry Silbert’s tweet (image below) on the launch of the new funds, indicate a market inclination towards funds tracking the following three cryptos: Litecoin (LTC), Ripple (XRP), Vertcoin (VTC). The fourth could easily be any, or none of Ethereum (ETH), Cardano (ADA), ZCoin (XZC), and Bitcoin Cash (BCH). However, this list is purely based on market responses, investors are advised to follow @GrayscaleInvest for company updates on the new funds.
— Barry Silbert (@barrysilbert) January 24, 2018
The Existing 3 Investment Funds
Here’s a quick look at the 3 existing Grayscale investment trusts and their performances:
1. The Bitcoin Investment Trust: The company’s flagship cryptocurrency fund with over $2.5 billion AUM, is publicly quoted on US OTC Exchange under the symbol GBTC. The stock is +1400% over the past year alone!
2. The Ethereum Classic Investment Trust: Launched in April 2017, the fund is +166% over the past 3 months (as of January 29, 2017) and +620% since its inception. The fund, invested in ETC, commands an AUM to the tune of $98 million.
3. The Zcash Investment Trust: Launched in October 2017, the fund is +110% since its inception (as of January 29th 2017). The fund, invested in ZEC, boasts an AUM of $34.5 million.
Image Credit: Deposit Photos