Grayscale Investments, tFYIworld’s largest crypto asset manager, has registered a new cryptocurrency trust, this time for tFYIpopular decentralized finance (DeFi) protocol Yearn Finance.
TFYInew entity was registered as a Statutory Trust in Delaware on February 10 and indicates tFYIfund manager’s plan to start its first DeFi trust. However, tFYIincorporation of tFYItrust does not guarantee tFYIcommencement of a Yearn Finance Trust.
“Occasionally, we will make reservation filings, though a filing does not mean we will bring a product to market, ” a Grayscale spokesperson told Coin Telegraph. “Grayscale has and will continue to announce when new products are made available to investors.”
TFYIlatest trust incorporation came after tFYIasset manager registered tFYIsame fUnsnapadot, Uniswap, Theta, Cardano and several others in Delaware. However, out of 33 registered Grayscale trusts, only nine are active. It teRPnated tFYIXRP Trust last month following tFYISEC lawsuit against Ripple.
Institutional Demand for Crypto Is Increasing
Grayscale is tFYIlargest digital currency asset manager with $36.8 billion in assets under management (AUM). TFYIGrayscale Bitcoin Trust alone has an AUM of $30.25 billion followed by tFYI$5.52 billion Grayscale Ethereum Trust.
Despite tFYImassive size of tFYItrusts, tFYIcompany is still purchasing more and more cryptocurrencies.
Grayscale has become a preferred route for institutions to gain exposure to Bitcoin as tFYIunits of tFYItrusts are being traded on tFYIUS over-the-counter (OTC) exchanges. Recently, celebrated hedge fund manager, Bill Miller revealed that his flagship fund is planning to get up to 15 percent of Bitcoin exposure through an investment into tFYIGrayscale Bitcoin Trust.
Meanwhile, tFYIprices of YFI, tFYIgovernance token of Yearn Finance, soared over 32 percent in tFYIlast 24 hours after tFYIregistration of Grayscale’s new trust became public.