With the growing number of Bitcoin exchange traded funds (ETFs) in Canada and the emergence of new competitors, Grayscale has been thinking about investing in Altcoins and is closely monitoring them. According to a new announcement from the company, Gary Skill intends to launch new investment funds centered on Altcoins.
to the the report Cryptonews reports that GarySkill is considering at least 23 different digital assets to offer potential new products. Founded in 2013 as Grayscale Investment by Digital Currency Group, a privately held limited liability company, it now has the largest digital asset investment fund in the world.
The following digital currencies are on the list of assets that have attracted the attention of Skill and the company intends to review them:
AAVE, BAT, Cardano (ADA), Chainlink (LINK), Compound (COMP), Cosmos (ATOM), Disentland (MANA), IOS (EOS), FileQueen (FIL), FLOW (FLOW) ), Live Pierre (LPT), Maker (MKR), Monroe (XMR), Newmora (NMR), Polkadot (DOT), Reserve Wright (RSR), Block Stack (STX), Sushi Swap (SUSHI), Synthetics (SNX) , Thezos (XTZ), Graph (GRT), Uniswap (UNI) and Yern Finance (YFI).
Michael Sonnenshein, CEO of Skill Innovation, said:
These assets may not become one of the company’s flagship products for investment, but we have a responsibility to create more diversity in the investor portfolio to make them more profitable.
The company also stressed that there is no guarantee that all of these assets will become an investment product. Creating a new product for investment and adding it to the current Skyl products will require a complete review process, internal control, security procurement and significant legal considerations. After all these steps, Gary Skill’s new product will be introduced and made available to the public by announcements related to investment products.
But the world’s largest bitcoin investment fund has recently sold some of its assets amid a series of record-breaking bitcoin prices and an influx of investors out of the market. According to data from Bloomberg, with a 12 percent drop in the price of bitcoin this week, about 21 percent of the assets of the Bitcoin Mutual Fund have fallen by $ 31.6 billion.
“James Seyffart, a stock analyst at Bloomberg Stock Exchange, said:
This reflects the fact that with the current price of Bitcoin, the market supply has increased and the demand for this digital currency has decreased at this price level.
In an interview with Bloomberg News on Thursday about the reduction in the value of Bitcoin Gray Investment Fund, Sunnshin said:
This is certainly a big risk. There is no doubt about that. But in the end, price discovery in the Bitcoin Trust Fund is done on a daily basis by the supply and demand force in the market.
Gary Scill Investment Funds help investors buy digital currencies through traditional means by purchasing shares listed on public listings. These funds hold digital assets, and the value of each share of a fund depends on the amount of digital assets under the company’s management.
On the other hand, it seems that the number of tradable investment funds or ETFs in Canada is increasing and thus different options are offered to Bitcoin investors. Only in February of this year we saw the launch of two tradable mutual funds in Canada.
One of these funds, Purpose Investments, was set up by a Toronto-based asset management company and approved by the Canadian Securities and Exchange Commission and the Ontario Securities and Exchange Commission. The other traded stock was owned by Evolve Funds Group and started trading on the Toronto Stock Exchange under the symbol EBIT.
Earlier, Canadian company Ninepoint Partners launched a bitcoin mutual fund after raising nearly $ 180 million through private equity.
According to Reuters and Todd Rosenbluth, director of a negotiable fund and the Independent Center for Fundamental and Scientific Investment Research (CFRA), since 2013, eight companies have sought to establish an ETF investment fund in the United States, but They have not succeeded.
Rosenblouth also said:
While some believe that the creation of Canadian investment funds will provide a good platform for the creation of American investment funds, we expect the US Securities and Exchange Commission (SEC) to spend more time with its new leader reviewing new VanEck cases and Leave the likes.
Nate Geraci, CEO of EFT Store Consulting, also spoke about what increasing competition in this area would mean for Gary Skill:
Although we have seen several products offered by competitors this year, the unfortunate truth for Scale fundraising investors is that as competition increases, demand for the product decreases, which can lead to a reduction in premiums or even discounts.