Grayscale unveils crypto trusts for Stacks and Near  

Despite SEC Chairman Gary Gensler’s belief that most cryptocurrencies are securities, Grayscale Investments continues to launch new digital asset investment products.

Grayscale has introduced two new independent crypto trusts that provide limited access to the Bitcoin layer-2 network Stacks (STX) and the altcoin blockchain Near Protocol (NEAR).

In a press release on Thursday, Rayhaneh Sharif-Askary, Grayscale’s head of product and research, explained that the creation of these trusts is in response to the growing demand for diversified crypto asset vehicles in a rapidly evolving decentralized market.

“By creating distinct solutions to address blockchain’s scalability challenges, Stacks and Near are poised to drive greater adoption,” Sharif-Askary said.

We are proud to announce the creation of two new single-asset crypto investment trusts available via private placement: Grayscale® Near Trust ($NEAR) and Grayscale® Stacks Trust ($STX).

Read more in our press release: https://t.co/Ve8RCQyKmh

1/3 pic.twitter.com/3S5yMAj5fi

— Grayscale (@Grayscale) May 23, 2024

Grayscale’s spot Ethereum ETF play

Meanwhile, Grayscale is simultaneously expanding its crypto suite with efforts to list a spot Ethereum (ETH) ETF following the successful conversion of its GBTC product from a trust to an exchange-traded fund.

The possibility of the application being approved by the US SEC has increased in recent days, and observers are optimistic about its success. Many prospective issuers have submitted amended applications on forms 19b-4.

Bloomberg’s Eric Balchunas emphasized that recent developments show that progress is being made on spot Ether ETFs and that the SEC is willing to evaluate the products despite political headwinds. However, the commission’s classification of ETH is still a matter of debate.

Therefore, issuers have removed all staking language from applications and a 25% chance of rejection still exists. Wall Street’s “police on the job” is scheduled to make a final decision on the two bids before the weekend. At the same time, Chairman Gary Gensler reiterated that most cryptocurrencies are securities assets and should fall under his agency’s jurisdiction.