Grayscale, a prominent digital asset manager, has introduced a new investment vehicle: the Grayscale MakerDAO Trust. This fund provides investors with exposure to Maker (MKR), the governance and utility token for MakerDAO, the organization behind the DAI stablecoin on Ethereum.
Key Details:
- Fund Structure: Unlike Grayscale’s spot bitcoin and ether ETFs, the Grayscale MakerDAO Trust is a closed-ended fund. This means it is not traded on exchanges and is currently available only to accredited investors. Investment trusts, such as this new offering, are typically less liquid and may trade at a price different from the net asset value of their underlying assets. The trust will also have a 2.5% management fee and does not permit redemptions. Investors’ capital is locked for at least a year before shares can be resold in the secondary market.
- Historical Context: Grayscale’s previous bitcoin and ether products were also initially structured as trusts before converting to ETFs following approval from the U.S. Securities and Exchange Commission. This new MakerDAO Trust follows the recent introduction of trusts for other tokens, such as Bittensor (TAO) and Sui (SUI).
- Market Impact: Following the announcement of the Grayscale MakerDAO Trust, the price of MKR experienced a notable increase of approximately 5%.
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