cryptobriefing.com
Grayscale has launched five new altcoin trust funds of Basic Attention Token, Chainlink, Decentraland, Filecoin, and Livepeer for institutional investors.
Grayscale Pumps Unpopular Crypto Assets
Grayscale allows accredited investors to issue trust shares backed by five new tokens in BAT, LINK, MANA, FIL, LPT. The shares will come with a lock-in period and are non-redeemable, similar to the other prior altcoin listings of Zcash, Stellar, and more.
The asset management firm had noted in a recent press release that it is planning to add more altcoins-based investment products, listing 23 select cryptocurrencies.
ANNOUNCEMENT: 5 new products have been added to the @Grayscale line up!
Basic Attention Token $BAT
Chainlink $LINK
Decentraland $MANA
Filecoin $FIL
Livepeer $LPTInterested? https://t.co/YfK2YUKgCj pic.twitter.com/jLqDph4MEH
— Michael Sonnenshein (@Sonnenshein) March 17, 2021
The world’s largest digital asset manager has chosen some of the least popular tokens from the list, like Livepeer with a market capitalization of less than $500 million.
The price of respective cryptocurrencies had jumped about 40% on average.
Livepeer’s LPT token was the biggest winner with a 100% surge within hours following the announcement. Others in LINK token rose by 8.23%. MANA by 30.75%, BAT 45.7%, and FIL by 32.1%.
Grayscale LLC now lists 13 cryptocurrency trusts, including Bitcoin, and boasts a total asset under management (AUM) of $42.9 billion. The altcoin portfolio accounts for about 16% of the total assets.
Disclosure: The author held Bitcoin at the time of press.