Grayscale Investments, the largest cryptocurrency asset management firm in the world, is planning to dive deep into the decentralized finance (DeFi) sector as it has filed with the United States Securities and Exchange Commission (SEC) for registering a number of new cryptocurrency trusts for decentralized finance platforms. This announcement has come nearly a month after the firm moved into the world of decentralized finance.
Reportedly, the crypto asset manager is going to introduce a cryptocurrency trust for Yearn Finance, a famous decentralized finance protocol. The filing was made by the Delaware corporate registry on the 10th of February, which illustrates that the asset management company is thinking about including Yearn Finance’s YFI in its offerings in the future.
Following the news of trust filing, the price value of Yearn Finance’s native governance token YFI spiked high to touch a new all-time high mark. Later on the 12th of February, the price of YFI reached the figure of $51,859 and recorded a new all-time high at this point, according to the data from CoinMarketCap. After hitting this mark, YFI’s price value has corrected down to the $44,600 around where it is currently trading, at the time of writing.
In addition to this, a news outlet has reported that the company has also filed with the SEC to register crypto trusts for some other DeFi platforms too which includes SushiSwap (SUSHI), MakerDAO (MKR), Compound (COMP), and Synthetix (SNX). With these filings, Grayscale seems to be increasing its presence in the DeFi sector.
However, the trust filings do not necessarily mean that the company is going to introduce trust for these platforms; rather, it means that the firm is yet considering rolling out cryptocurrency trusts for these platforms.
Earlier, Grayscale Investments revealed the filing of five digital currency trusts on the 27th of January. These trusts were for five decentralized finance platforms, including the two famous ones such as the leading DeFi protocol Aave (AAVE) and Cardano (ADA).
Grayscale’s Asset Under Management (AUM) has also surged high. According to the latest report of the company, the total AUM of Grayscale is revolving at around $37 billion.