Four New Trusts
Just last month, it launched the Digital Large Cap Fund, which was designed to give investors exposure to the five largest cryptocurrencies based on market capitalization; Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH) and Litecoin (LTC).
Each of the newly announced cryptocurrencies are already part of the Digital Large Cap Fund, but were not previously available individually.
Michael Sonnenshein, the managing director of Grayscale Investments, said the new products are part of an expanding suite, and that the firm will continue to announce new products, both single-currency and diversified.
"It is our belief that digital currencies as an asset class have not only arrived, but are here to stay. Consequently, we are committed to providing investors with structures that enable them to participate in this exciting asset class."
The new products are among the first securities to allow investment in those particular cryptocurrencies, according to a press release. Be aware though, it adds the disclaimer that the value of a share in a trust may not correspond to the value of a cryptocurrency being held by the trust.
As of March 5, Grayscale had $2.1 billion in assets under management which is up from $208 million just a year ago. In an email, Michael Sonnenshein wrote:
"This is a meaningful milestone for Grayscale as it increases the number of investment offerings under the Grayscale umbrella from four to eight. At this time last year, Grayscale had only one product, Bitcoin Investment Trust."