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19 Jul 2021

Grayscale is launching an institutional-grade DeFi fund and index

Digital asset manager Grayscale Investments is launching a DeFi Fund and index, according to Grayscale CEO Michael Sonnenshein.

Speaking on Squawk Box, Sonneshein said the firm has seen interest from a broad base of its existing investors — along with prospective ones — for DeFi assets. As a result, the firm has developed an institutional-grade index, along with a fund.

The fund will give investors the ability to invest in DeFi protocols through a singular investment vehicle, he said. It will give them broad-based exposure to DeFi assets, including uniswap (UNI) and aave (AAVE).

Sonneshein noted that this will be Grayscale’s 15th investment vehicle. The firm currently offers a range of trusts for bitcoin, ether and other cryptocurrencies along with a digital large cap fund, which gives exposure to a range of top cryptocurrencies. The firm recently announced that this crypto fund has become an SEC-reporting company, following its bitcoin and ether trusts.

Grayscale is also trying to turn its main bitcoin trust (GBTC) into a bitcoin ETF, likely to deal with its consistent negative premium. It is now working with BNY Mellon to achieve this. On the show, Sonneshein added that, in his view, the SEC approving a bitcoin ETF is “really a matter of when, not a matter of if.”

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