Grayscale Launches Investment Trust For Horizen (ZEN formerly ZenCash)
Grayscale is now offering an investment trust for Horizen (ZEN formerly ZenCash) to accredited investors. The company revealed the fund hold $5.4 million worth of ZEN.
Grayscale Investments has announced the official launch of Zen Investment Trust, targeted for accredited investors.
The product is a single-asset investment vehicle, which means it’s comprised of only one cryptocurrency. It is centered on privacy-focused coin ZEN, a digital currency native to the Horizen platform (formerly ZenCash).
The new fund becomes the eighth such crypto Trust from Grayscale, after Bitcoin, Ethereum, Litecoin, Ethereum Classic, Ripple, Zcash, and Bitcoin Cash.
The launch of the ZEN trust represents a significant step forward for Horizen, a decentralized platform that allows ZEN holders to completely control their digital footprint.
The platform has also become popular with users for allowing functionalities like private messaging, media sharing, file storage, and internet access.
Horizen’s co-founder and current president Rob Viglione said that Grayscale shared a vision with the platform. He noted that the asset manager’s conducted unparalleled research before offering its products.
It also was totally committed to providing digital currency markets exposure to both institutional investors around the world.
“Their values align seamlessly with Horizen’s mission to promote the growth of digital currencies, the blockchain, and privacy to a diverse and global community.”
The ZEN Investment Trust product came after Grayscale bought Zen tokens worth $6.3 million.
And like the aforementioned seven funds, the fund will hold only one currency. Grayscale, a subsidiary of Digital Currency Group, will then sell the trust’s shares to investors.
The choice of Zen as their eighth single-asset investment vehicle has caught the eye of many in the industry.
But according to the firm’s Managing Director, Michael Sonnenshein, the top asset management company put a bet on Horizen due to its superior privacy-focused technology. Also influencing their decision was the focus and conviction shown by the cryptocurrency platform’s strong team.
He feels that the Horizen blockchain project is attractive enough to appeal to the market. He added that:
“We’ve been very impressed with the Horizen team and its vision for ZEN as a leading privacy coin.”
Grayscale tweeted a breakdown of its eight single asset products, which indicated each fund’s holdings per share and net assets as of September 6.
— Grayscale (@GrayscaleInvest) September 6, 2018
It showed that the Bitcoin Investment Trust is the largest in terms of net assets at the moment with over $1.2 billion. Ethereum Classic (ETC) has $54.2 million, Zcash (ZEC) is third with $16.7 million, while Ethereum (ETH) has net assets worth $10.1 million.
GrayScale Digital Large Cap Fund
Apart from sponsoring the eight single-asset investment products, Grayscale also provides investors with exposure to the Digital Large Cap Fund.
The large-cap fund is a diversified product that caters for the top cryptocurrencies by market cap. The fund has $4.63 holding per share under management and $11.9 million net assets.
Other GrayScale financial products
Grayscale raised about $250 million from all the earlier investment products in the first half of 2018.
Other than all the investment products being available to both the institutional and accredited investor, Grayscale also offers Bitcoin (OTCQX: GBTC) and Ethereum Classic (OTCQX: ETCG) as publicly quoted investments.
They are therefore available to all investors (individual and institutional) as offered at the OTCQX Best Market.
The Digital Currency Group that owns Grayscale Investments launched its services in 2013. The company has interests in over 130 blockchain-based companies and has a global presence with offices in over 30 countries.