Grayscale Investments, the digital asset manager, announced the launch of a new investment product comprising components of the CoinDesk DeFi Index in the decentralized finance space.
Today we’re unveiling Grayscale DeFi Fund, our second diversified investment product, which tracks the @CoinDesk #DeFi Index. Accredited Investors are now able to gain exposure to a selection of industry-leading DeFi protocols through the Fund. Learn more: https://t.co/i0hm9vrklB pic.twitter.com/QASEp9SpfK
— Grayscale (@Grayscale) July 19, 2021
The fund is open to daily subscriptions for accredited investors.
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Grayscale intends to enable secondary trading of the Grayscale DeFi Fund. Representatives of the manager stressed that they cannot guarantee approval of this initiative by the SEC and FINRA.
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As of July 1, 2021, the CoinDesk DeFi Index included:
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- Uniswap (UNI), 49.95%;
- Aave (AAVE), 10.25%;
- Compound (COMP), 8.38%;
- Curve (CRV), 7.44%;
- MakerDAO (MKR), 6.49%;
- SushiSwap (SUSHI), 4.83%;
- Synthetix (SNX), 4.43%;
- Yearn Finance (YFI), 3.31%;
- UMA Protocol (UMA), 2.93%;
- Bancor Network Token (BNT), 2%.
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According to the press release, the index is formed by market-cap weighted liquid tokens of DeFi protocols. It is compiled by CoinDesk Indexes, which, like Grayscale Investments, is part of Barry Silbert’s Digital Currency Group conglomerate.
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\u201cWe are pleased to offer investors access to the DeFi sector through Grayscale’s investment products,\u201d commented CEO Michael Sonnenshein.
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In an interview with CNBC, the executive said that the creation of the 15th DeFi Fund trust was the result of strong client interest in the DeFi sector.
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\u201cThe question isn’t whether it will happen, but when it will happen.\u201d
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Grayscale Investments signed an agreement with Bank of New York Mellon, under which the financial holding company will act as custodian of the Grayscale Bitcoin Trust.
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In March Grayscale opened nine vacancies mentioning the exchange-traded fund.
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One month later the company announced plans to convert the bitcoin trust into an exchange-traded fund based on the first cryptocurrency.
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In July, William Cai, cofounder of Wilshire Phoenix, which filed with the SEC for Bitcoin ETF approval,doubted a favorable decision before 2023.
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