The opportunity in digital assets is expanding, and our Q3 performance shows it.
Q3 was our strongest quarter of the year with net flows up ~$1.2B from Q2, and we ranked #1# in AUM among HYPE, Sui and Chainlink ETPs.¹
At our town hall, we recognized the team behind that progress. This quarter's results show what our teams can accomplish through shared ambition and focus.
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Making digital assets easier to manage makes them more accessible. We're lowering the barriers to in-kind transfers across select @Grayscale products to bring the benefits of ETPs to more eligible investors.
Through an in-kind transfer, investors can convert digital assets they already own into shares of a Grayscale ETP without needing to sell into cash.
As digital assets become a larger part of investors' financial lives, we're committed to finding new and innovative ways to help them manage those holdings within their broader portfolios.
Learn more about how in-kind transfers work and eligibility:
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Some of the most compelling opportunities in digital assets are in DeFi, decentralized AI, and onchain data infrastructure.
We've spent more than a decade pioneering products and strategies that offer investors exposure to the digital assets ecosystem.
Our partnership with @joinrepublic gives more eligible investors access to the most innovative areas of the fast-growing digital economy.
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We're excited to announce a partnership with @joinrepublic to expand access to Grayscale investment products for eligible investors.
Grayscale products to be available on the Republic platform are:
• Grayscale DeFi Fund: exposure to a basket of leading DeFi protocols
$UNI, $AAVE, $ONDO, $ENA, $CRV, $LDO
• Grayscale Decentralized AI Fund: exposure to protocols operating at the intersection of blockchain and AI
$NEAR, $TAO, $RENDER, $FIL
• Grayscale Data Network Trust: exposure to $DATA, the native token of the DATA Network.
Visit the landing page on Republic to learn more:
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The @Grayscale team took over Singapore last week @Token2049!
@LowBeta, @Krista_Lynch_, Laurie Katz and others from Grayscale joined industry leaders, allocators, and partners to discuss the future of digital assets and what that means for investors.
Every year these events are becoming more institutional, further demonstrating how the asset class is maturing globally. The debate is over. Finance is moving onchain.
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An incredible week in Singapore by the numbers:
16 speaking events across @token2049, @Cointelegraph, and more
400+ allocators and operators spoken to
10 unforgettable stages at @solana Capital Forum, @NEARProtocol, and @blockworksDAS and more
3 @HyperliquidX events and conversations with @chameleon_jeff
2 Grayscale side events hosted
2 panels with @Zcash founder @zooko
1 major milestone (looking at you, @SuiNetwork)
Conversations spanned tokenization, financial privacy, ETFs, quantum, and onchain finance. The ideas exchanged in Singapore will help shape what comes next.
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Momentum continues to build for $ZEC as investor interest in privacy is on the rise.
Since its launch on August 25, The Zcash ETF ($ZCSH):
➜Has seen its AUM triple
➜Became the 1st altcoin ETP to surpass $1B AUM in its first month¹
➜Now holds more than 550,000 $ZEC
$ZCSH’s 3-for-1 share split today aims to ensure that exposure remains accessible to every investor.
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Our CEO @PeterMintzberg discussed digital assets with Alex Shahidi on the Insightful Investor podcast this week.
Buying Bitcoin is not the same as gaining broad exposure to the digital asset class, just as owning one S&P sector is not the same as diversifying across it.
Listen to the full episode:
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Over two decades in finance, I’ve seen a familiar pattern: asset and wealth management have evolved in waves of disruption.
→ Mutual funds pooled investments, democratized access
→ ETFs brought intraday liquidity, lower fees, greater transparency
→ Private markets opened access to new exposures and diversification
Today, digital assets are expanding access, efficiency, and the investable universe.
Each wave was doubted, then adopted. Digital assets are next.
Listen to my full conversation with Alex Shahidi:
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Grayscale AI Compute ETF (Ticker: $GCPU) is now trading.
Why AI Compute?
⟶ AI's growth is constrained by physical compute. Data centers have just six months of capacity¹, and new ones take two to five years to build².
⟶ AI infrastructure capex is projected to exceed $1 trillion annually³.
⟶ $GCPU portfolio includes native data center businesses, plus operators repurposing existing power and land for AI, including Bitcoin miners.
$GCPU offers exposure to AI’s physical layer, now accessible through brokerage or investment accounts.
Learn more:
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I joined Alex Shahidi on this week’s episode of the Insightful Investor podcast to talk about where digital assets are headed. It’s no surprise that included tokenization.
Tokenization has the potential to turn today’s $2-3 trillion crypto market¹ into a $700 trillion² behemoth.
@Grayscale was built for this opportunity.
Listen to the full episode:
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It is easy, amid the volatility, to miss the structural shift that is happening: blockchain technology is revolutionizing the operating layer of finance.
@Grayscale was built to close the gap between TradFi and digital assets.
My thoughts on what's next:
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Advisors often tell us they want easier ways to manage strategic digital asset allocations within existing client portfolios.
We listened.
The @Grayscale Model Portfolios are the latest milestone in our mission to offer the most flexible, diversified and open access to digital assets exposure.
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Today, Grayscale launched Model Portfolios.
Four strategies built around distinct investment objectives:
• Digital Assets Core Plus: Broad exposure to established assets, including
$BTC, $ETH, $SOL, and $LINK
• Digital Assets Leaders: Exposure to the five largest eligible digital assets in Grayscale ETPs.
• Digital Assets Next Gen: Exposure to established and emerging assets beyond Bitcoin.
• Digital Assets Infrastructure: Exposure to the protocols powering smart contracts, tokenization, and more.
Learn more about Grayscale Model Portfolios:
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$ZCSH just ranked top 1% of nearly 4,000 ETPs in total net asset growth in just two weeks since launch.
Here are the highlights:
- $ZEC is up 59% since launch¹
- ~$179M in inflows in just 11 trading days
- AUM has more than doubled, now sitting at ~$700m
- Fastest growing altcoin ETP by increase in total net assets²
- That top 1% ranking spans nearly 4,000 ETPs across crypto, commodities, equities, and fixed income by total net asset growth
- The Zcash ETF – built by @Grayscale remains the only Zcash fund in the world
Two remarkable weeks.
@Grayscale is proud to bring Zcash to investors for the first time.
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Even as the “crypto winter” is thawing, the narrative continues to miss the point.
In @FortuneMagazine today, I make the case that what really matters is happening beneath the market’s surface:
--> Unlike 2014, 2018 and 2022, this cycle has institutional-backing, and the drawdown was materially shallower because of it.¹
--> 73% of institutional investors plan to increase their digital assets allocations in 2026.²
--> 60% of Fortune 500 executives report active blockchain initiatives.³
Short-term price volatility and institutional adoption are two different stories.
Only one tells you where we're heading.
Read the full piece:
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Creating an ETP is easy. The hard part is knowing which ones are worth making.
Our research team spends time with protocol developers and ecosystem leaders—and we’re often the only asset manager in the room.
We look at how a network is being used, who is building on it, and what is the runway for growth.
It’s that deep digital assets expertise that has positioned us to offer exposure to the tokens behind networks like Zcash ($ZEC) before anyone else.
Today’s launch of The Zcash ETF ($ZCSH), built by Grayscale, represents another step in bringing innovative digital assets into the structures that investors trust.
The latest milestone in our history of firsts.
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Great to be in DC today for @ChairmanSelig's inaugural meeting of the @CFTC Innovation Advisory Committee — the first of what I expect will be many conversations to advise the Commission on responsible financial innovation
Everyone benefits from clearer rules of the road, and dialogues like these are what will get us there
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Excited to represent our industry in this important discussion. Thank you for your leadership @ChairmanSelig
One of the most powerful ideas in DeFi is the open architecture approach
Instead of waiting for @HyperliquidX to list a market, builders can deploy their own products on top of Hyperliquid’s infrastructure
The result is a platform with the ability to scale and adapt rapidly based on demand
That utility drives our conviction in $HYPE
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Thrilled to welcome Steven Vanourny as @Grayscale's new Head of Index
His experience identifying emerging opportunities and building differentiated investment platforms will be invaluable as we advance our next generation of investment products
Excited to have him on board!
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Proud of our impressive presence at @CoinDesk’s @consensus2026 Miami last week
The @Grayscale team spent time with the partners, protocols, and innovators actively building the digital asset economy
Coming together from across the ecosystem is what drives our industry forward
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At @MilkenInstitute this week, I shared how my childhood in Brazil shapes how I think about what we're building at @Grayscale
I used to go to the supermarket early in the morning. Not because the lines were shorter, but because by the afternoon, the same loaf of bread would cost more
In the 90s, Brazil cycled through currencies constantly. Cruzeiro to cruzado to cruzado novo to cruzeiro to real. Trust in money itself was something my generation simply never had in Brazil
Currency debasement is not a concept for me. It is a memory
I joined Grayscale to be part of an asset class that aims to protect people from these challenges I experienced myself
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