Grayscale now allows certain digital assets to be exchanged directly for shares in ten exchange-traded products from the asset manager, without using cash. The mechanism, effective October 21, 2026, relies primarily on authorized participants, who can contribute the underlying crypto to a fund and receive shares in return. Redemptions can work in the same way, avoiding market purchases or sales whenever shares are created or retired. This development follows approval by the Securities and Exchange Commission on July 29, 2025, after which the share of Bitcoin ETP activity handled in kind rose from 28% in March to 62% in June.
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