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Grayscale, the investment firm behind the largest Spot Bitcoin ETF, has introduced a new fund that makes money by betting on cryptocurrencies.
The Grayscale Dynamic Income Fund (GDIF), which the company announced on Tuesday, will initially fund Aptos (APT), Celestia (TIA), Coinbase Staked Ethereum (CBETH), Cosmos (ATOM), and NEAR (NEAR). announced that it plans to own nine blockchain assets in Osmosis. (OSMO), Polkadot (DOT), SEI Network (SEI), and Solana (SOL). We aim to distribute rewards in USD on a quarterly basis.
“As our first actively managed fund, GDIF is an important expansion of our product suite and provides investors with a single investment vehicle,” Michael Sonnenschein, CEO of Grayscale, said in a statement. “We enable people to participate in multi-asset staking through convenience and familiarity.”
Staking plays an important role in how some blockchains work. The Bitcoin network relies on proof-of-work, where miners solve complex numerical puzzles to create new Bitcoins (BTC), whereas proof-of-stake networks like Ethereum Instead, token holders can pledge their assets to operate the network. This is called staking, and it generates income for the staker.
With Bitcoin hitting an all-time high of over $69,000 on Tuesday, it’s an auspicious time to bring crypto products to market. Zach Pandle, head of research at Grayscale, said on Crypto Rally that the valuation of Ethereum’s Ether (ETH) and most other tokens remains below the highs of the previous crypto cycle.
“Token valuations could rise further if the macro market backdrop remains favorable, but macro factors could also act as headwinds,” Pandol said in an email.
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