Grayscale sets sights on institutional DeFi fund

Michael Sonnenshein, CEO of digital asset management giant Grayscale, has announced a new investment vehicle for the firm targeted at decentralized fiannce (DeFi) assets.

Sonnenshein announced Grayscale’s planned DeFi Fund and Index during an appearance on CBNC’s Squawk Box. Detailing the purpose of the new product, the Grayscale CEO said the fund will offer exposure to DeFi assets like Uniswap (UNI) and Aave (AAVE) for its institutional clients.

According to the Grayscale chief, the decision to create a DeFi fund, the firm’s 15th crypto investment product, was due to the growing interest in popular crypto assets in the decentralized finance space.

Commenting on other institutional investment possibilities for crypto, Sonnenshein stated that a Bitcoin (BTC) exchange-traded fund approval in the United States will eventually happen.

Indeed, Grayscale is reportedly working with BNY Mellon towards converting its Bitcoin Trust into a Bitcoin ETF.