After launching the Bitcoin Trust, Grayscale today announced the launch of the so-called DeFi Fund, a fund that allows investments in decentralized finance.
Today we’re unveiling Grayscale DeFi Fund, our second diversified investment product, which tracks the @CoinDesk #DeFi Index. Accredited Investors are now able to gain exposure to a selection of industry-leading DeFi protocols through the Fund. Learn more: https://t.co/i0hm9vrklB pic.twitter.com/QASEp9SpfK
— Grayscale (@Grayscale) July 19, 2021
This is Grayscale’s second diversified investment product, the fifteenth overall, and follows CoinDesk’s DeFi Index.
Through this fund, accredited investors can gain exposure to a selection of DeFi tokens through a market-cap weighted portfolio designed to replicate CoinDesk’s DeFi Index.
The DeFi tokens whose prices are tracked by CoinDesk’s DeFi Index on 1 July 2021 were:
- Uniswap (UNI), 49.95%
- Aave (AAVE), 10.25%.
- Compound (COMP), 8.38%.
- Curve (CRV), 7.44%.
- MakerDAO (MKR), 6.49
- SushiSwap (SUSHI), 4.83%.
- Synthetix (SNX), 4.43%.
- Yearn Finance (YFI), 3.31%.
- UMA Protocol (UMA), 2.93%
- Bancor Network Token (BNT), 2.00%.
There are ten DeFi tokens in total, with UNI’s price making up almost 50% of the overall index weight.
Grayscale DeFi Fund
Grayscale aims to list the shares of this new fund on a secondary market, but there is no guarantee that this will happen, particularly due to regulatory issues related to the SEC, FINRA or other regulatory bodies.
Grayscale Investments CEO Michael Sonnenshein said:
“Grayscale continues to focus on creating opportunities for investors to access new, exciting parts of the digital asset ecosystem. The emergence of decentralized finance protocols provide clear examples of technologies that can redefine the future of the financial services industry. We’re proud to offer investors exposure to DeFi through Grayscale’s trusted, secure, and industry-leading investment product structures”.
The CEO of CoinDesk Indexes, Jodie Gunzberg, added:
“This partnership underscores our leadership in creating institutional-grade digital currency indexes. With increasing attention on the innovations within decentralized finance, it’s critical for the investment community to have tools that deliver calculated exposure to this exciting area of innovation. This collaboration offers investors the data and tools they need to gain exposure to decentralized finance into their portfolios”.