Grayscale has rolled out an in-kind investing service that lets qualified investors swap cryptocurrencies for shares in 10 investment products. The announcement includes BTC, ETH, SOL, XRP, DOGE, and five more assets, with minimum investments higher than $80,000.
Grayscale Opens In-Kind Investing Across 10 Crypto Products
Grayscale’s official announcement states that investors may make deposits directly in tokens and not have to convert tokens into cash first.
The service covers Bitcoin, Ethereum, Solana, XRP, Dogecoin, Avalanche, Chainlink, Hyperliquid, Sui, and Zcash. Investors will own shares of the corresponding products and continue to hold cryptocurrency exposure in a traditional investment account.
The investments, however, vary considerably from one product to another among the 10 products. The Solana Staking ETF and the Bitcoin Mini Trust demand the smallest minimums at around $80,300 and $364,800, respectively.
Dogecoin takes up around $95,550, whereas XRP needs $257,000 and Zcash needs $322,600. These minimums vary depending on the price of cryptocurrencies and can restrict smaller investors from participating in the system.
The new offering comes after Grayscale’s previous launch of a Zcash ETF, bringing another regulated investment vehicle for cryptocurrency investors.
In-Kind Transfers Minimize Direct Responsibilities for Crypto Custody
The service will enable users to trade and allow existing cryptocurrency holders to swap tokens with investment shares without the need to execute a separate cash deal. However, it is through authorized participants or approved intermediaries that customers have to tap into the offering.
Grayscale CTO Steve Vanourny stated that institutional custody has become more valuable in the face of cybersecurity threats to cryptocurrency investors. He also highlighted possible collateral benefits in the areas of estate planning, portfolio management, and collateral use.
While custody and counterparty risks remain, contributed cryptocurrencies are no longer managed by investors using their own wallets. The shares are not to give any control over the underlying tokens, but rather to expose the investor to digital assets.
The offering also features the Dogecoin Trust ETF, which saw a surge in investor inflows at the end of 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.
