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Grayscale Eyes Altcoins Amid Increasing Competition For Bitcoin Investments

While Bitcoin (BTC) exchange-traded funds (ETFs) are gaining traction in Canada, new competitors for Grayscale emerge, the company is increasingly eyeing altcoins.

The major crypto asset management firm owned by Digital Currency Group (DCG) has confirmed that they're looking into at least 23 different digital assets “for potential new product offerings,” as the press release stated.

Among the named assets that are currently under consideration, the company listed:

Aave (AAVE)Basic Attention Token (BAT)Cardano (ADA)Chainlink (LINK)Compound (COMP)Cosmos (ATOM)Decentraland (MANA)EOS (EOS)Filecoin (FIL)Flow (Dapper Labs) (FLOW)Livepeer (LPT)MakerDao (MKR)Monero (XMR)Numeraire (NMR)Polkadot (DOT)Reserve Rights (RSR)Stacks (STX)Sushiswap (SUSHI)Synthetix (SNX)Tezos (XTZ)The Graph (GRT)Uniswap (UNI)Yearn Finance (YFI)

“We may not turn each of these assets into one of our landmark investment products,” said Grayscale CEO Michael Sonnenshein, and added that they “view it as our responsibility to introduce investors to more diversity in this space.”

There is no guarantee that assets named in the above list will receive a corresponding investment product, continued the press release. “The process of creating an investment product structured similarly to those Grayscale already offers requires significant review and consideration, and is subject to substantial internal controls, sufficiently secure custody arrangements, and regulatory considerations,” it said.

Any newly-created products from Grayscale will be announced separately upon launch.

As reported recently, Ninepoint Partners, a Canadian fund that went public after raising USD 180m from private investors, listed its shares on the Toronto Stock Exchange, following the example of Grayscale, which pioneered the model of creating a trust dedicated to buying BTC, and then selling shares in that trust in return for a commission. Learn more: – Grayscale Scores Another Record, Buys 194% More Bitcoin Than Miners Generated – Grayscale Ethereum Inflows Up Again, Firm Calls ETH Valuation Methods 'Opaque' – Grayscale Makes a Huge Bitcoin Purchase, But BTC Goes 'Meh'

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