(Tuesday 13 August 2024, 02:42 PM GMT):
In the cryptocurrency market today, MakerDAO’s governance token, MKR, experienced a surge of +4.39%, bringing its trading price to approximately $2,100. This positive price action comes on the heels of a significant announcement by Grayscale, a leading asset management firm in the crypto space.
Grayscale has launched a new fund called the Grayscale MakerDAO Trust. This closed-end fund is designed to provide accredited individual and institutional investors with exposure to MKR. However, similar to Grayscale’s other single-asset trusts, investors won’t be able to withdraw their assets directly, which could lead to a difference between the fund’s share price and the actual market price of MKR.
MakerDAO is a heavyweight in the decentralized finance (DeFi) world, overseeing more than $7 billion in cryptocurrencies and real-world assets. The protocol is also known for issuing DAI, a popular stablecoin with a market cap of $5 billion.
In addition to the MakerDAO Trust, Grayscale has recently introduced similar single-asset funds, including one for Bittensor’s TAO token and another for the Layer-1 blockchain Sui (SUI). They’ve also rolled out a fund focusing on cryptocurrencies powering decentralized AI projects, showcasing Grayscale’s commitment to expanding its range of investment options in the crypto market.
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