Grayscale expands token-for-share subscriptions across 10 crypto funds

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Grayscale expands token-for-share subscriptions

Highlights

Grayscale now allows eligible investors to exchange tokens directly for shares in 10 digital asset products, including Bitcoin Mini Trust ETF and Ethereum Staking Mini ETF.
The expanded token-for-share feature aims to reduce self-custody risks, lower transaction costs, and facilitate access to brokerage and retirement accounts for crypto investors.
Grayscale's rollout builds on the July 2025 SEC approval of in-kind creations and redemptions for crypto ETPs, further aligning crypto fund structures with traditional investment vehicles.

Rollout covers 10 digital asset products

As reported by The Block, citing Grayscale in a release, eligible investors can now exchange tokens directly for shares in 10 of the firm's digital asset investment products instead of first selling holdings for cash.

The lineup includes the Bitcoin Mini Trust ETF, Ethereum Staking Mini ETF, and products tied to Avalanche, Chainlink, Dogecoin, Hyperliquid, Solana, Sui, XRP and Zcash. Grayscale says the structure can reduce self-custody burdens and potentially lower transaction costs while also giving investors access to traditional brokerage and retirement accounts, collateral use and other portfolio management tools.

Steve Vanourny, Head of Index at Grayscale, says investors are looking for more secure and efficient ways to manage crypto holdings as digital assets mature. He says institutional custody is becoming more valuable as cybersecurity threats, including self-custody and DeFi exploits, continue to grow.

Regulatory backdrop and market implications

In-kind investing is designed to bridge direct crypto ownership with professionally managed investment products, according to Grayscale, while helping investors access a wider set of portfolio uses. The offer remains subject to product-specific terms and intermediary requirements.

The move follows action by the U.S. Securities and Exchange Commission in July 2025 to approve in-kind creations and redemptions for crypto ETPs. The SEC approval applies to authorized participants, while Grayscale is extending a token contribution route to eligible investors in its own products.

At the time, SEC Chairman Paul Atkins says the approvals should make the products less costly and more efficient for investors. The latest expansion signals how asset managers are building on that regulatory framework to make crypto fund structures more comparable with conventional investment vehicles.

Our earlier article covered Cohere’s planned acquisition of AI cybersecurity startup AISLE as part of its broader push into enterprise security alongside its merger with Aleph Alpha. We noted that the deal would add AI-driven software vulnerability detection and strengthen the group’s European footprint via AISLE’s Prague engineering hub, highlighting how security is becoming a core pillar as advanced systems scale into enterprise and public-sector use.

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