Grayscale has announced the launch of its latest investment fund, named the Grayscale Avalanche Trust, providing investors with exposure to the Avalanche (AVAX) token.
According to a press release on August 22, Rayhaneh Sharif-Askary, Grayscale’s Head of Product and Research, explained that the Avalanche Trust offers investors the opportunity to participate in the development of real-world asset (RWA) tokenization by Avalanche. This includes strategic partnerships and a unique multi-chain structure.
Note that the Avalanche Trust differs from Bitcoin or Ethereum Exchange-Traded Funds (ETFs) and is only available for daily subscriptions to qualified accredited investors.
In addition to AVAX, Grayscale has previously launched several other crypto-based investment funds, including tokens like MakerDAO (MKR), Bittensor (TAO), and Sui (SUI).
AVAX Value Rises Sharply
Following the launch of this fund, the price of the AVAX token saw a significant surge of 14%, rising from $23.22 to $26.47. On a weekly basis, AVAX has recorded an increase of up to 31%.
Asset manager Franklin Templeton has also fueled positive sentiment towards AVAX’s price by expanding the reach of the Franklin OnChain US Government Money Fund to the Avalanche network.
According to Cointelegraph, this expansion into the Avalanche network will mark the first on-chain money market fund on the network. This fund allows institutional investors to access Franklin Templeton’s blockchain-based record-keeping system, Benji Investments.
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