Grayscale Introduces Crypto Funds for Decentralized AI Project Bittensor's TAO and Layer-1 Network Sui's Token

Grayscale, the investment firm behind popular bitcoin {{BTC}} and ether {{ETH}} exchange-traded funds, announced Wednesday to start offering two new crypto funds that invest in the native tokens of decentralized artificial intelligence (AI) project Bittensor Protocol (TAO) and layer-1 blockchain Sui {{SUI}}.

The Grayscale Bittensor Trust and Grayscale Sui Trust are single-asset funds only holding their namesake cryptocurrencies, and are accessible to eligible individual and institutional accredited investors, the firm said in a press release.

"We are excited to add Bittensor and Sui to our product suite, and believe Bittensor is at the center of the growth of decentralized AI, while Sui is redefining the smart contract blockchain,” said Rayhaneh Sharif-Askary, head of product and research at Grayscale.

The new offerings follow Grayscale's launch of a decentralized AI-focused digital asset trust last month, which also offers exposure to TAO together with several other tokens, including near {{NEAR}}, render {{RNDR}} and filecoin {{FIL}}. That fund gathered nearly $1 million of assets under management as of Aug. 5, according to the fund's website .

The firm recently uplisted its long-running, similarly structured Grayscale Ethereum Trust (ETHE) to an ETF structure that allows redemptions after regulatory approval by U.S. regulators. It did the same with its flagship Grayscale Bitcoin Trust (GBTC), this January.