Grayscale Launches Bittensor (TAO) and SUI Trusts: A New Era in Crypto

• Grayscale launches Bittensor and Sui Trusts, expanding investment options in innovative blockchain projects.
• Sui Bridge and AWS integration boost cross-chain functionality and infrastructure for Sui Network.

Grayscale Investments has taken a huge step by introducing two new cryptocurrency investment trusts: the Grayscale Bittensor Trust and the Grayscale Sui Trust.

The Grayscale Bittensor Trust invests in TAO, the token that powers the Bittensor protocol, which uses the token to fuel the development of open-source AI. This move demonstrates Grayscale’s belief in Bittensor’s critical role in the development of decentralized AI.

We are proud to announce the creation of two new single-asset crypto investment funds, available through private placement: Grayscale Bittensor Trust $TAO and Grayscale Sui Trust $SUI.

Available to eligible accredited investors.

Press release: https://t.co/Xplh81KI9W

1/3 pic.twitter.com/pGcLhcZSdD

— Grayscale (@Grayscale) August 7, 2024

Grayscale’s Strategic Expansion into Innovative Blockchain Trusts

The Grayscale Sui Trust, on the other hand, is solely focused on investing in SUI, the Sui protocol’s underlying token. Sui is a high-performance Layer 1 smart contract blockchain intended for global-scale decentralized applications.

Grayscale’s strategy suggests that Sui is using a novel method to reimagine the area of smart contract blockchains.

These new trusts are now accepting daily subscriptions from accredited individuals and institutional investors. They function similarly to Grayscale’s existing single-asset investment trusts and are the first investment products centered on tokens that support the Bittensor Protocol (TAO) and Sui (SUI).

Meanwhile, as we previously reported, Ethereum’s prior collapse has received a lot of attention in light of the ongoing market downturn.

This fall is due to ongoing outflows from the Grayscale Ethereum ETF, which have harmed the digital currency’s performance. The scenario with Ethereum highlights the hurdles it faces during this moment of market instability.

Turning our attention to SUI, we have reported on the Sui Bridge’s progress in improving cross-chain integration and interoperability for the Sui network. The Sui Bridge will be available on the Mainnet, offering users a powerful and dynamic solution that matches current expectations while anticipating future demands.

In addition, the Sui Foundation has integrated AWS Blockchain Node Runners to strengthen the Sui network’s infrastructure. This integration is a crucial step toward improving the network’s capabilities and ensuring that it can meet the needs of an expanding user base and transaction volumes.