Grayscale Partners with CoinDesk to Launch DeFi Fund

19 July 2021 | Updated: 19 July 2021

The world’s largest cryptocurrency asset manager, Grayscale Investments, has announced that it is partnering with CoinDesk Indexes to launch the Grayscale DeFi Fund.

The latest offering from the investment giant will allow customers to get exposure to the booming decentralized finance (DeFi) industry. The Grayscale DeFi Fund will become the firm’s fifteenth product offering and its second diversified fund in the cryptocurrency space. According to the official announcement, the fund will include “leading DeFi protocols through a market-capitalization-weighted portfolio designed to track the CoinDesk DeFi Index.”

Commenting on the new development, Grayscale Investment CEO Michael Sonnenshein stated that the firm would continue to look out for offering opportunities for investors to access. Sonnenshein noted that:

“The emergence of decentralized finance protocols provides clear examples of technologies that can redefine the future of the financial services industry. We’re proud to offer investors exposure to DeFi through Grayscale’s trusted, secure, and industry-leading investment product structures.”

The investment company will partner with CoinDesk to provide the DeFi index for the investment fund. The index would also set a benchmark representation of the DeFi protocols. The index will consist of market capitalization and liquidity of current DeFi projects.

DeFi Projects Currently on the Grayscale DeFi Fund

Currently, the DeFi Fund consists of ten DeFi projects, including Uniswap, Aave, Compound, Curve, MakerDAO, SushiSwap, Synthetix, Yearn Finance, UMA Protocol, and Bancor Network Token.

UNI currently accounts for half of the entire portfolio, with 49.95% of the fund held in the decentralized exchange’s native token. Aave comes in second place, dominating 10.25% of the fund, while the rest of the DeFi projects take up single-digit allocations in the fund.

While commenting on the partnership, the Managing Director of CoinDesk Indexes, Jodie Gunzberg, noted that:

“With increasing attention on the innovations within decentralized finance, it’s critical for the investment community to have tools that deliver calculated exposure to this exciting area of innovation. This collaboration offers investors the data and tools they need to gain exposure to decentralized finance into their portfolios.”

The fund is open to daily subscription by eligible individuals and institutional accredited investors.

 

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Grayscale Lists Its Digital Large Cap Fund as an SEC-Reporting Product

12 July 2021 | Updated: 12 July 2021

After filing the Bitcoin and Ethereum Trusts, Grayscale, the world’s largest cryptocurrency asset manager, has successfully listed its Digital Large Cap Fund with the SEC as a reporting product. The behemoth digital asset manager has also filed three other Registration Statements with the regulatory body.

The investment company filed a Registration Statement on Form 10 with the US Securities and Exchange Commission (SEC) earlier this year.

Grayscale announced the later development by early Monday, noting that the application has scaled approval and is already effective. This development means that the “first diversified digital currency investment fund” now has its shares registered under Section 12(g) of the Securities Exchange Act of 1934.

Speaking on the matter, Grayscale Vice President of Legal Craig Salm noted that:

“Grayscale aims to provide the investment community with a higher level of disclosure and reporting on top of the already stringent obligations to which our products adhere. We hold our products to a higher standard because this is what investors want and what we believe they deserve.”

Grayscale Currently has Three SEC-Reporting Products and Three Others On the Way

Meanwhile, the company has filed three more similar registrations with the SEC on representing the Bitcoin Cash Trust, the Ethereum Classic Trust, and the Litecoin Trust. That said, Grayscale currently has three products reporting to the SEC. Apart from the latest addition, the Digital Large Cap Fund, the other two SEC-reporting products track the performance of the largest cryptocurrencies; Bitcoin (BTC) and Ethereum (ETH).

Notably, the Form 10 filing is voluntary and is subject to review and scrutiny by the Securities and Exchange Commission.

After an explosive 2020 to early 2021 performance, Grayscale has recorded a drop in demand for its products. According to recent data, the firm’s total assets under management fell below $30 billion due to the debilitating market crash.

 

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