Grayscale Considers Dogecoin, Sam Altman-backed Worldcoin For Future Crypto Investment Products

Updated: 15 October 2024

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Grayscale is considering 35 altcoins, including leading meme coin Dogecoin (DOGE) and Sam Altman-backed Worldcoin (WLD), as assets that could become future investment products.

Grayscale’s interest in Dogecoin and Worldcoin underscores the growing institutional focus on digital assets. Dogecoin is the biggest meme coin by market capitalization and has long been supported by Elon Musk, while Worldcoin has backing from OpenAI’s Sam Altman.

In an Oct. 10 blog post, the crypto asset management firm segregated the list of potential future candidates for investment products into 5 primary categories: currencies, smart contract platforms, culture, financials and utilities.

Smart Contract And Layer-2 Tokens Make Up A Large Portion Of Grayscale’s List

Many of the tokens considered for future investment products were those associated with smart contract platforms. Among the altcoins in this category are Aptos (APT), Arbitrum (ARB), Celestia (TIA) and Internet Computer (ICP).

Layer-2 projects Polygon (MATIC) and Optimism (OP) were also listed in this category. This builds on Grayscale’s existing investments in layer-1 giants including Cardano (ADA), Ethereum (ETH), Solana (SOL) and Polkadot (DOT). Other notable projects under consideration include Toncoin (TON), TRON (TRX), and Sei (SEI).

Assets Under Consideration Update: Learn about the diverse digital assets we’re considering for future investment products and explore those already part of our offerings. Are we missing anything? 🤔

Read the full list and article: https://t.co/Tr5lU1CSSQ pic.twitter.com/dSvIdlcf9c

— Grayscale (@Grayscale) October 11, 2024

The smaller-cap Core (CORE), ranked at number 75 in terms of valuation, also made its way onto Grayscale’s list of prospects..

Solana tokens are being considered as well, with decentralized exchange (DEX) token Jupiter (JUP), blockchain oracle provider Pyth (PYTH), and decentralized infrastructure network Helium (HNT) mentioned in the asset manager’s list.

Grayscale Launches XRP, Avalanche And Aave Funds

Grayscale’s list of crypto assets under consideration follows the firm’s launch of multiple crypto investment products in the last few weeks. On Oct. 3, the asset manager launched a new investment product for Aave. Less than a month before that it announced an XRP trust, which followed the launch of its Avalanche fund on Aug. 22.

The asset manager also converted its GBTC fund to a spot Bitcoin ETF (exchange-traded fund) at the start of the year, but has been one of the largest institutional sellers of the leading crypto.

This is due to investors allocating their capital towards similar funds with lower fees. Overall, GBTC has lost $20.104 billion as of Oct. 14, according to Farside Investors data.