Grayscale has launched an in-kind investing service that allows eligible investors to exchange cryptocurrencies directly for shares across 10 investment products. The October 21 announcement covers Bitcoin, Ethereum, Solana, XRP, Dogecoin, and five other assets, with minimum contributions exceeding $80,000.
Grayscale Opens In-Kind Investing Across 10 Crypto Products
In its official announcement, Grayscale confirmed that investors can contribute supported tokens directly without first converting them into cash. The service covers Bitcoin, Ethereum, Solana, XRP, Dogecoin, Avalanche, Chainlink, Hyperliquid, Sui, and Zcash. Investors receive shares in corresponding products, allowing them to maintain cryptocurrency exposure through traditional investment accounts.
However, the investment requirements vary considerably across the 10 products. The Solana Staking ETF has the lowest minimum at approximately $80,300, while the Bitcoin Mini Trust requires $364,800. Dogecoin requires approximately $95,550, compared with $257,000 for XRP and $322,600 for Zcash. These minimums fluctuate with cryptocurrency prices and may limit participation among smaller investors.
The expansion follows Grayscale’s earlier Zcash ETF launch, which added another regulated investment product for cryptocurrency investors.
In-Kind Transfers Reduce Direct Crypto Custody Responsibilities
The service allows existing cryptocurrency holders to exchange tokens for investment shares without completing a separate cash transaction. However, customers must work through authorized participants or approved intermediaries to access the offering.
Steve Vanourny, Grayscale’s Head of Index, said institutional custody has become increasingly valuable as cryptocurrency investors face cybersecurity threats. He also identified potential benefits involving collateral use, estate planning, and portfolio management.
Investors no longer manage the contributed cryptocurrencies through personal wallets, although they still face custody and counterparty risks. The shares provide exposure to digital assets without granting direct control over the underlying tokens.
The offering also includes the Dogecoin Trust ETF, which previously attracted renewed investor inflows during September.
SEC Approval Supports Crypto Investment Product Expansion
The rollout follows the Securities and Exchange Commission’s July 2025 approval of in-kind creations and redemptions for cryptocurrency exchange-traded products. The SEC decision allowed authorized participants to exchange underlying cryptocurrencies directly for fund shares. Previously, certain Bitcoin and Ethereum exchange-traded products relied on cash-based transactions.
SEC Chairman Paul Atkins said the mechanism could make cryptocurrency investment products less costly and more efficient. However, the approval does not eliminate transaction charges or risks associated with holding fund shares.
Grayscale warned that facilitator fees, market price differences, and possible tax obligations still apply. In addition, its products also rely on third-party custodians, while investors remain exposed to changes in cryptocurrency prices.
