Grayscale to Launch MKR-Based Trust

Digital asset manager Grayscale Investments has announced the launch of a closed-end fund for MakerDAO (MKR).

We are proud to announce the creation of a new single-asset crypto investment fund, available through private placement: Grayscale MakerDAO Trust $MKR.

Available to eligible accredited investors.

Read the press release: https://t.co/hOOWHk3bqO pic.twitter.com/5pIMaLUHwI

— Grayscale (@Grayscale) August 13, 2024

The decision is driven by a desire to provide market participants with access to emerging parts of the cryptocurrency ecosystem, according to the press release.

The product is intended for individual and institutional accredited investors. It operates similarly to other trusts, requiring an application to the company for subscription/redemption.

Grayscale has pledged to strive for listing the fund on the secondary market. However, the company does not guarantee a successful outcome.

This new instrument will continue the expansion of the product line. Previously, it included trusts based on Bittensor and Sui, as well as token baskets focused on AI.

According to CoinGecko, the capitalization of the MakerDAO-issued stablecoin DAI is $5.2 billion. In its segment, the token ranks third, behind USDT and USDC.

Earlier in August, the NYSE approached the SEC with a proposal to amend rules that would allow it to list and offer trading options based on spot Ethereum ETFs from Bitwise and Grayscale.

Previously, asset manager Hashdex submitted an S-1 form to the Commission to launch the combined exchange-traded fund Hashdex Nasdaq Crypto Index US ETF based on Bitcoin and Ethereum.