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Grayscale has launched a new fund that bets on cryptocurrencies to generate income for investors.
The company's CEO, Michael Sonnenshein, called the new fund “a significant expansion” of the company's product range.
<img decoding="async" alt="Grayscale Launches Trust Funds and Files for Three New crypto ETFs – WalletInvestor Magazin – Investment News” src=”https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-ETF-Titan-Grayscale-Launches-Crypto-Staking-Fund-to-Offer.png”/><img decoding="async" src="https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-ETF-Titan-Grayscale-Launches-Crypto-Staking-Fund-to-Offer.png" alt="Grayscale Launches Trust Funds and Files for Three New crypto ETFs – WalletInvestor Magazin – Investment News”/>
Grayscale Investors Can Engage in Multi-Asset Bets
Sonnenshein said the new fund gives investors access to “stakes in multiple assets” through a convenient and familiar “singular investment vehicle.”
The Grayscale Dynamic Income Fund (GDIF) will initially hold assets for nine blockchain networks, Grayscale said in a March 5 statement. Press releases.
These are Aptos (APT), Coinbase Staked ethereum (CBETH), Polkadot (DOT), Near (NEAR), Solana (SOL), Celestia (TIA), Osmosis (OSMO), SEI Network (SEI), and Cosmos (ATOM). Rewards will be distributed quarterly and paid in US dollars.
I am becoming more and more optimistic about the use of the Aptos blockchain in ai, Depin, mass social networks and now with this news, the utility of the token will be more and more recognized by the general public.
2024 is the year for @Aptos.https://t.co/dg6zqLAz1A
-JC | City Square (@realjcz) March 6, 2024
GDIF will not only give investors access to the passive income that crypto staking presents, but will also see Grayscale participate more in the consensus of the nine networks for which you will initially maintain assets.
All networks that the company has selected for inclusion in the fund implement a proof-of-stake (PoS) consensus mechanism. This is a greener alternative to the proof-of-work (PoW) consensus algorithm upon which bitcoin (btc) is built.
Instead of having to solve complex mathematical puzzles to validate blocks, as is the case with PoW networks, PoS chains select network validators based on their participation in the network's native cryptography.
Grayscale bitcoin ETF Outflows Continue
The launch of DGIF comes as Grayscale's bitcoin spot ETF, GBTC, continues to lose funds..
Since its conversion to a spot bitcoin ETF, GBTC has experienced nearly $10 billion in outflows, according to a March 5 post on X by Bloomberg ETF analyst Eric Balchunas.
$GBTC It has seen almost $10 billion in outflows, but has the same amount of assets as it did on launch day. It seems like magic, but it's the bull market subsidy and physics itself that keeps active stock mutual funds plagued by massive asset exits still (albeit a mirage, since clients have… https://t.co/zPiACOvNOQ
– Eric Balchunas (@EricBalchunas) March 5, 2024
Despite these significant exits, he noted that GBTC's assets under management remain near the same level when the fund was converted to an ETF at the beginning of the year due to bitcoin/”>The rising price of bitcoin.
This rise in the price of the market leader has helped GBTC maintain its pre-conversion income levels despite the exodus of investors.
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