As of this writing, products such as the Grayscale Bitcoin Trust and the Grayscale Digital Large Cap Fund Trust are all available to new investors, although the Grayscale Ethereum Trust remains unavailable. The Grayscale XRP Trust is inactive and likely will remain so. In early January, the fund manager sold off his holdings in the assets shortly after news of a major lawsuit filed by the U.S. Securities and Exchange Commission against Ripple.
Grayscale periodically stops and resumes new investor inflows into its funds; during these closing periods, the funds remain open to private placement funds. Additionally, all grayscale crypto trust investors are subject to a six month lock-in period for newly purchased shares, after which they are free to sell the shares in the open market to unaccredited investors.
Crypto investors are keeping a close watch on action at Grayscale, which has become the world’s largest cryptocurrency asset manager. Since January 11, Grayscale has $ 24.5 billion assets under management in its various crypto funds. In early January, Cointelegraph reported that Grayscale’s purchases of Bitcoin exceeded new coin minting by a factor of three, capping a year of aggressive accumulation by the fund manager.
Bitcoin is up nearly 10% on the week, trading at $ 35,833 at press time. With the opening of new investments, the six-month blocking period begins again. Some analysts have alleged that as this period draws to a close, the Bitcoin spot market is pushed higher when Grayscale’s GBTC shares enter the open market.