Grayscale opens in-kind subscriptions for 10 crypto ETPs, including SOL, XRP, and DOGE
Event: On the 21st, Grayscale announced that it would allow direct in-kind subscriptions for 10 digital asset investment products, enabling investors to exchange tokens directly for shares without first selling them for cash. The products include the Bitcoin Mini Trust, the Ethereum Staking Mini Trust, and products for Avalanche, Chainlink, Dogecoin, Hyperliquid, Solana, Sui, XRP, and Zcash. The estimated minimum investment ranges from about $80,300 for the Solana staking product to about $364,800 for the Bitcoin Mini Trust. In-kind subscriptions’ share of U.S. Bitcoin ETP activity has risen from 28 percentage points in March to 62 percentage points in June. Trading firms participating in market making include Jane Street and Virtu.
Reason: In-kind subscriptions eliminate the need for issuers to buy and sell assets on the market, lowering execution costs and reducing immediate selling pressure on SOL, XRP, and DOGE. They also make it easier for institutional investors to hold crypto assets through traditional brokerages and retirement accounts. This is a direct sign of how quickly leading asset managers are implementing in-kind creations and redemptions following the U.S. Securities and Exchange Commission’s approval in July 2025.
Impact and beneficiary tokens: Positive for SOL and SOL and XRP and $DOGE and DOGE and LINK and $ZEC and ZEC and $AVAX and SUI and SUI and $HYPE . XRP is at $1.3645, up 2.07 percentage points, with resistance at $1.3992 and $1.42; $XRP is at $1.3645, up 2.07 percentage points, with resistance at $1.3992 and $1.42; $LINK is at $12.494, up 1.33 percentage points, but closed lower across all four timeframes, making this a positive development without a price rise; resistance is at $12.808 and $13. The expansion of Grayscale’s product lineup is a structural positive for medium- to long-term capital inflows.
Event: On the 21st, Grayscale announced that it would allow direct in-kind subscriptions for 10 digital asset investment products, enabling investors to exchange tokens directly for shares without first selling them for cash. The products include the Bitcoin Mini Trust, the Ethereum Staking Mini Trust, and products for Avalanche, Chainlink, Dogecoin, Hyperliquid, Solana, Sui, XRP, and Zcash. The estimated minimum investment ranges from about $80,300 for the Solana staking product to about $364,800 for the Bitcoin Mini Trust. In-kind subscriptions’ share of U.S. Bitcoin ETP activity has risen from 28 percentage points in March to 62 percentage points in June. Trading firms participating in market making include Jane Street and Virtu.
Reason: In-kind subscriptions eliminate the need for issuers to buy and sell assets on the market, lowering execution costs and reducing immediate selling pressure on SOL, XRP, and DOGE. They also make it easier for institutional investors to hold crypto assets through traditional brokerages and retirement accounts. This is a direct sign of how quickly leading asset managers are implementing in-kind creations and redemptions following the U.S. Securities and Exchange Commission’s approval in July 2025.
Impact and beneficiary tokens: Positive for SOL and SOL and XRP and $DOGE and DOGE and LINK and $ZEC and ZEC and $AVAX and SUI and SUI and $HYPE . XRP is at $1.3645, up 2.07 percentage points, with resistance at $1.3992 and $1.42; $XRP is at $1.3645, up 2.07 percentage points, with resistance at $1.3992 and $1.42; $LINK is at $12.494, up 1.33 percentage points, but closed lower across all four timeframes, making this a positive development without a price rise; resistance is at $12.808 and $13. The expansion of Grayscale’s product lineup is a structural positive for medium- to long-term capital inflows.