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BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
08/21/2024

Grayscale Launches Investment Fund for AVAX Token

Grayscale, one of the leading asset management firms, officially announced the launch of a new investment fund for Avalanche's native token, AVAX, according to an August 22 announcement. The Grayscale Avalanche Trust gives investors exposure to Avalanche (AVAX), a three-chain smart contract platform designed to simultaneously optimize scalability, network security, and decentralization, according to Grayscale. Avalanche is a layer-1 blockchain network focused on supporting the tokenization of rea

Grayscale Launches Investment Fund for AVAX Token

Grayscale, one of the leading asset management firms, officially announced the launch of a new investment fund for Avalanche's native token, AVAX, according to an August 22 announcement.

The Grayscale Avalanche Trust gives investors exposure to Avalanche (AVAX), a three-chain smart contract platform designed to simultaneously optimize scalability, network security, and decentralization, according to Grayscale.

Avalanche is a layer-1 blockchain network focused on supporting the tokenization of real-world assets (RWA) — that is, converting tangible assets such as real estate, commodities, or art into digital tokens on-chain. On August 22, Franklin Templeton expanded its blockchain-integrated money market fund to the Avalanche network. AVAX tickers down $26.82.

Related: Franklin Templeton Expands Blockchain Fund to the Avalanche Network

The Grayscale Avalanche Trust allows investors to participate in "the growth of RWA tokenization on Avalanche," including "[k]ey strategic partnerships and a unique multi-chain architecture," according to Rayhaneh Sharif-Askary, Grayscale's head of product and research.

The fund — which is not publicly traded and is available only to accredited investors — adds to Grayscale's suite of crypto investment products, which now includes more than 20 offerings. On August 13, Grayscale launched a trust fund to invest in MakerDAO's MKR token. On August 7, Grayscale launched two additional trust funds to invest in the native protocol tokens of Bittensor and Sui.

Grayscale is the world's largest crypto fund manager, with assets under management exceeding $25 billion. The firm is best known for its Bitcoin BTC tickers down $64,094 and Ether ETH tickers down $2,744 ETF funds, including the Grayscale Bitcoin Trust (GBTC) and the Grayscale Ethereum Trust (ETHE).

Grayscale also operates private single-asset funds for other protocol tokens, such as Basic Attention Token (BAT) and Chainlink LINK tickers down $12.12. During an August 12 webinar, Dave LaValle, Grayscale's global head of ETFs, predicted that the crypto ETF market will expand to include new digital asset classes and diversified crypto indexes.

"We're going to see more single-asset products, and certainly some index-based and diversified products," LaValle said.