Grayscale said on Oct. 21 that it is opening in-kind subscriptions for 10 of its crypto ETFs, allowing eligible investors to transfer digital assets directly into a fund in exchange for shares. Under the structure described in the company’s release, investors do not need to first sell their holdings into fiat and then subscribe with cash.
Ten products are included, with estimated minimums ranging from about $80,300 to $364,800
The 10 products cover Bitcoin, Ethereum, Solana, XRP, Dogecoin, Hyperliquid, Sui, Avalanche, Chainlink and Zcash. Grayscale said that, based on market prices on Oct. 20, the estimated minimum subscription amount for the products ranges from about $80,300 to $364,800.
The company listed the following products and approximate minimum subscription amounts:
| Product (Ticker) | Approximate minimum subscription amount |
|---|---|
| Grayscale Bitcoin Mini Trust ETF (BTC) | $364,800 |
| The Zcash ETF (ZCSH) | $322,600 |
| Grayscale Hyperliquid Staking ETF (HYPG) | $282,600 |
| Grayscale XRP Trust ETF (GXRP) | $257,000 |
| Grayscale Avalanche Staking ETF (GAVA) | $235,800 |
| Grayscale Ethereum Staking Mini ETF (ETH) | $232,300 |
| Grayscale Sui Staking ETF (GSUI) | $148,400 |
| Grayscale Chainlink Trust ETF (GLNK) | $107,900 |
| Grayscale Dogecoin Trust ETF (GDOG) | $95,550 |
| Grayscale Solana Staking ETF (GSOL) | $80,300 |
Grayscale said those figures were estimated using Oct. 20 market prices. The minimum subscription amount may change with the price of the underlying asset, and the company said adjustments may be made without separate notice.
Subscriptions must go through authorized participants
According to the release, clients seeking to subscribe in kind in the primary market must do so through an authorized participant, the institution responsible for creating ETF shares, or through another channel that can connect to an authorized participant. Grayscale said access remains subject to product availability, assisting firms’ fees and related terms.
The release referred only to subscriptions. It did not mention in-kind redemptions.
Grayscale executive points to custody and portfolio uses
Steve Vanourny, head of index at Grayscale, said in the release: "As digital assets mature, investors are looking for safer and more efficient ways to manage crypto assets. Rising security threats tied to self-custody and DeFi hacks have made institutional custody more valuable. In-kind investing connects direct crypto ownership with traditional portfolio management, giving investors access to professionally managed investment products while opening up uses such as margin and collateral applications, as well as estate planning."
Grayscale said the potential benefits include the ability to hold shares in brokerage accounts or retirement accounts, reducing the operational burden of self-custody. It also said the structure may lower execution costs compared with trading on crypto platforms. The company added that shares may be used as margin or collateral and may also be paired with listed options for hedging or income generation.
Company flags market, pricing and tax risks
In its risk disclosure, Grayscale said converting assets in kind into its spot ETFs may require tokens to be sold or exchanged into the asset tracked by the ETF. That can expose investors to market impact, slippage and timing risk.
The company also said the ETF shares received may trade at a premium or discount to net asset value, meaning the resulting economic exposure may not match the value of the assets contributed.
On tax treatment, Grayscale said the outcome is not currently clear and the transaction may trigger a taxable event, especially when the asset being contributed is not the same token as the ETF’s underlying asset.
SEC background cited by The Block
According to The Block, the U.S. Securities and Exchange Commission approved in-kind creation and redemption for crypto ETPs in July 2025, with access at that time limited to authorized participants. Grayscale’s latest move extends direct token contributions to eligible investors.