Grayscale Unveils Bittensor And Sui Trusts

According to the announcement, the Grayscale Bittensor Trust is exclusively dedicated to TAO, the token supporting the Bittensor Protocol, which incentivizes

Crypto asset management behemoth Grayscale Investments has announced the launch of two new crypto mutual funds. On Wednesday, the company unveiled the Grayscale Bittensor Trust and the Grayscale Sui Trust.

The Grayscale Bittensor Trust is dedicated to TAO, the token that powers the Bittensor Protocol, which aims to advance open-source artificial intelligence (AI) technologies.

Meanwhile, the Grayscale Sui Trust focuses on SUI, the token that underpins the Sui protocol, a Layer 1 (L1) smart contract blockchain designed for globally scalable decentralized applications.

According to the announcement, the two trusts are now available for daily subscription by eligible individual and institutional accredited investors, operating similarly to Grayscale’s existing suite of single-asset investment trusts.

These trusts are notably some of the first investment products to be exclusively centered on the tokens underpinning the Bittensor Protocol and Sui.

In the announcement, Grayscale also revealed its intention to seek a secondary market listing for the new products, though it noted that success is not guaranteed, and regulatory considerations may pose challenges.

Following the asset manager’s announcement, the two tokens present a contrasting picture in price action after the broader market crash experienced over the weekend and worsened on Monday.

For instance, the SUI token hit a 9-month low of $0.4636 on August 5th, following a steady decline from its all-time high of $2.17 in March of this year.

However, SUI has climbed back to the $0.6166 level since Monday, with a 3% increase in the last 24 hours, with its next resistance wall at $0.6966.

On the other hand, the TAO token has been unable to post gains in recent weeks, registering a 24% price drop in the fourteen-day time frame.

Despite this, TAO has rallied significantly to the $253 level on Wednesday after falling to the $164 level on Monday.

In the case of another leg up to regain previously lost levels, the most insignificant hurdle in the near term is placed at the $300 level, which is key for bullish investors in the token to approach the all-time high of $757 reached in March.