Grayscale said eligible investors can now use qualifying digital assets to subscribe in kind for shares of certain products, letting them move from token holdings into product shares without first selling into fiat and then subscribing with cash.
The company announced the expansion of its in-kind investing channel in an official news release on Oct. 21 Taipei time. Later the same day, Grayscale said on X that the structure can reduce self-custody burdens, may lower execution costs on crypto trading venues, and can place digital-asset exposure inside traditional brokerage and retirement account frameworks.
Grayscale also drew a distinction between this rollout and the cash or in-kind creation and redemption process used by Authorized Participants, or APs, in the primary market under supplemental filings with the U.S. Securities and Exchange Commission. The company framed this launch as a product expansion for eligible investors rather than the same mechanism.
How Grayscale described the rationale
In the news release, Steve Vanourny, head of index business at Grayscale, said investors are looking for safer and more efficient ways to manage digital-asset positions as the asset class matures. He also said rising cybersecurity threats, along with growing risks tied to self-custody and decentralized finance, or DeFi, attacks, have increased the appeal of institutional-grade custody.
Vanourny described in-kind subscriptions as a bridge between directly holding tokens and managing a portfolio through professionally run products. In that framing, investors keep exposure to the underlying assets while gaining access to structures that may support margin or collateral use, estate planning, and broader portfolio flexibility. For institutions and high-net-worth clients already holding large token positions, the route is presented as a way to reduce the friction between holding coins and holding shares.
Initial 10 products and approximate minimums
According to the release, the following products were included in the initial group, with approximate minimum investment amounts based on market prices as of Oct. 20, 2026. Grayscale said the figures are subject to change.
- Avalanche Staking ETF (GAVA): about $235,800 or more
- Bitcoin Mini Trust ETF (BTC): about $364,800 or more
- Chainlink Trust ETF (GLNK): about $107,900 or more
- Ethereum Staking Mini ETF (ETH): about $232,300 or more
- Dogecoin Trust ETF (GDOG): about $95,550 or more
- Hyperliquid Staking ETF (HYPG): about $282,600 or more
- Solana Staking ETF (GSOL): about $80,300 or more
- Sui Staking ETF (GSUI): about $148,400 or more
- XRP Trust ETF (GXRP): about $257,000 or more
- The Zcash ETF (ZCSH): about $322,600 or more
That puts the entry range at roughly $80,000 to more than $360,000. Grayscale said the spread reflects differences in net asset value per unit and subscription block size across products, and noted that the numbers will move with token prices.
How the shares may be used
Grayscale said shares received through the process can be placed in brokerage or retirement accounts and folded into traditional portfolio construction and estate planning. Compared with directly holding tokens, the company said the structure may ease self-custody and safekeeping work and may reduce the cost of executing large trades on crypto venues.
The release also said the shares may be used as margin or collateral, opening access to traditional lending markets. They may also be paired with listed options for hedging, income enhancement, or estate-related arrangements.
At the same time, in-kind subscriptions in the primary market still need to be handled through an AP or an AP channel, and remain subject to product availability, intermediary fees, and applicable terms.
Risk disclosures
Grayscale said the related ETPs are not registered investment companies under the U.S. Investment Company Act of 1940. It also said the coin-for-share process may involve slippage, premiums or discounts of shares relative to net asset value, counterparty risk, operational risk, and tax uncertainty.
The company added that holding the shares is not the same as directly holding cryptocurrency.
What the market may watch next
For a market that already has spot and staking-based crypto ETP exposure, Grayscale's move puts the coin-for-share concept into a public product narrative aimed at eligible investors. The report described that as pushing an in-kind primary-market channel beyond institutional back-office mechanics and closer to a portfolio tool that can be discussed more openly.
Key points to watch next are which products are actually opened in practice, how minimum thresholds change with market prices, and whether AP-related intermediary costs come in below the friction of selling tokens first and then subscribing with cash.