Grayscale Investments and Sweden’s Spotlight Stock Market are advancing the integration of cryptocurrencies into traditional finance with significant new offerings. Grayscale has launched investment trusts for Lido DAO and Optimism governance tokens, providing exposure to key Ethereum-based protocols. Meanwhile, Spotlight Stock Market has expanded its cryptocurrency exchange-traded product (ETP) lineup, adding 20 new listings from Valour, a DeFi Technologies subsidiary, broadening access to a diverse range of digital assets for investors.
Grayscale Expands Investment Offerings with Lido and Optimism Governance Token Trusts
Grayscale Investments, the world’s largest crypto asset manager, has unveiled two new investment trusts focused on governance tokens for Lido DAO (LDO) and Optimism (OP). The announcement, made on Dec. 12, signals a continued push by Grayscale to broaden its portfolio of crypto-focused investment products while supporting Ethereum’s scaling and staking ecosystem.
The newly launched Grayscale Lido DAO Trust and Grayscale Optimism Trust are designed to give investors direct exposure to the native tokens of two influential Ethereum protocols. Lido DAO is the largest liquid staking token (LST) protocol on Ethereum, while Optimism is a prominent layer-2 (L2) scaling solution aimed at improving Ethereum’s efficiency and scalability.
“Lido is helping to democratize staking on Ethereum, and Optimism is critical in allowing Ethereum to scale to compete with newer, faster layer-1 blockchains,” said Rayhaneh Sharif-Askary, Grayscale’s head of product and research.
These trusts are positioned to appeal to investors seeking exposure to protocols driving Ethereum’s broader adoption within the decentralized finance (DeFi) ecosystem. The goal is to offer “exposure to protocols helping to increase Ethereum’s efficiency, security, scalability, and adoption,” Sharif-Askary added.
Why Lido and Optimism?
Lido’s liquid staking technology has revolutionized staking on Ethereum. The protocol allows users to stake their Ethereum (ETH) while still maintaining liquidity by issuing tradeable tokens representing claims on their staked assets. This innovation has made staking more accessible and flexible for a broader range of users.
As of December, Lido boasts nearly $40 billion in total value locked (TVL), securing its position as the largest DeFi protocol by TVL, according to DefiLlama. The protocol’s influence has made its governance token, LDO, a highly sought-after asset in the crypto market.
Meanwhile, Optimism, a popular Ethereum layer-2 network, leverages optimistic rollups to improve transaction speed and reduce costs, addressing Ethereum’s scalability challenges. With approximately $800 million in TVL, Optimism has become a cornerstone of Ethereum’s scaling strategy.
Beyond its own network, Optimism’s technology underpins other layer-2 solutions, including Coinbase’s Base and Uniswap’s Unichain, forming what the project describes as a “superchain.” This interconnected network enhances Ethereum’s scalability and facilitates a seamless user experience across various layer-2 ecosystems.
The launch of the Lido and Optimism trusts is the latest in a series of initiatives by Grayscale to expand its suite of single-asset crypto investment products.
Aave Governance Token Fund: In October, Grayscale introduced a trust dedicated to Aave (AAVE), a leading decentralized lending and borrowing protocol.
Additional Assets Under Consideration: Grayscale has added 35 altcoins, including Dogecoin (DOGE), Worldcoin (WLD), and Pyth (PYTH), to its list of assets under consideration for future investment products.
Other Recent Trusts: In August, Grayscale launched three separate trusts targeting Sky (formerly MakerDAO), Bittensor, and Sui, further diversifying its offerings.
Grayscale’s Dominance in the Crypto Investment Space
Grayscale manages nearly $35 billion in assets as of Dec. 11, cementing its reputation as a dominant force in the crypto investment industry. Its flagship products include the Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE), both of which are industry benchmarks for institutional investment in cryptocurrencies.
US regulators are also evaluating Grayscale’s proposal to convert its Grayscale Digital Large Cap Fund (GDLC)—a fund holding a mix of cryptocurrencies—into an exchange-traded fund (ETF). If approved, this move could further solidify Grayscale’s role as a leader in crypto financial products.
Grayscale’s new trusts bring attention to the growing importance of Ethereum-based protocols in the broader cryptocurrency landscape. By focusing on Lido and Optimism, Grayscale is betting on Ethereum’s ability to address its scalability and usability challenges, which are crucial for its long-term adoption and success.
The investments also highlight the rising demand for products that offer exposure to governance tokens—critical assets that give holders a say in the development and direction of blockchain protocols. As Ethereum continues to innovate and expand its ecosystem, the success of projects like Lido and Optimism could pave the way for further institutional interest in DeFi and layer-2 solutions.
Sweden’s Spotlight Stock Market Expands Crypto ETP Offerings with 20 New Listings by Valour
The Spotlight Stock Market in Sweden has significantly bolstered its cryptocurrency-focused investment offerings by listing 20 new digital asset exchange-traded products (ETPs). All the newly introduced ETPs were issued by Valour, a subsidiary of DeFi Technologies, marking another major milestone in bringing blockchain technology to traditional investors.
With the new listings, Spotlight now hosts 45 ETPs, all of which are issued by Valour. These ETPs provide investors with regulated access to a diverse range of cryptocurrencies and blockchain projects without needing to manage the complexities of holding digital assets directly. Of the 45 products, four are denominated in euros, while the remainder are priced in Swedish kronor.
Valour’s expansion on Spotlight began in June with the launch of ETPs for Core (CORE) and Hedera (HBAR). The company’s latest offering includes a mix of well-established and emerging blockchain projects, reflecting Valour’s goal of broadening access to the rapidly evolving cryptocurrency ecosystem.
Johan Wattenström, co-founder of Valour, emphasized the significance of the new launches, stating, “By simultaneously introducing such a diverse range of innovative products, we are not merely expanding our portfolio — we are offering investors access to the forefront of blockchain technology.”
The Assets Behind the New ETPs
The 20 new ETPs feature an eclectic mix of cryptocurrencies and blockchain protocols, including:
Aave (AAVE): A leading decentralized lending and borrowing protocol.
Aerodrome Finance (AERO): A platform focused on liquidity and DeFi innovation.
Akash Network (AKT): A decentralized cloud computing marketplace.
Aptos (APT): A next-generation layer-1 blockchain.
Arweave (AR): A blockchain solution for permanent data storage.
Fetch.ai (FET): An AI-driven blockchain platform.
Fantom (FTM): A scalable blockchain for DeFi and enterprise applications.
Injective (INJ): A layer-1 blockchain optimized for decentralized finance.
Jupiter (JUP): A platform for decentralized applications and token utilities.
Kaspa (KAS): A layer-1 blockchain with a focus on speed and security.
Lido DAO (LDO): A liquid staking protocol for Ethereum.
Metis (METIS): A layer-2 scaling solution for Ethereum.
Pendle (PENDLE): A protocol for trading tokenized yield.
Pyth Network (PYTH): A decentralized oracle solution.
Render (RNDR): A blockchain for decentralized GPU rendering.
Sei (SEI): A layer-1 blockchain optimized for trading.
Starknet (STRK): A layer-2 scaling solution using zero-knowledge proofs.
THORChain (RUNE): A decentralized liquidity network.
Worldcoin (WLD): A cryptocurrency with a focus on universal access and identity.
Wormhole (W): A cross-chain interoperability protocol.
Valour’s Strategic Expansion
Valour’s latest listings align with its broader mission to dominate the European ETP market. The company currently manages over 60 ETPs across Europe and has set an ambitious target of reaching 100 ETPs by the end of 2025.
In November, Valour and Spotlight introduced the first Dogecoin (DOGE) ETP, capturing attention for its novel approach to meme cryptocurrency investing. In October, Valour also migrated 19 ETPs from the Nordic Growth Market to Spotlight, further consolidating its presence in Sweden’s financial ecosystem.
Valour’s reach is not limited to Europe. The company has taken significant steps toward global expansion. In November, it signed a memorandum of understanding with AsiaNext, a Singapore-licensed securities exchange, to list its ETPs for institutional investors in Asia. AsiaNext is a joint venture between Japan’s SBI Digital Asset Holdings and Switzerland’s SIX Group, which operates the SIX Exchange.
In August, Valour partnered with Sov.fi and the Nairobi Securities Exchange in Kenya to explore listing Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Hedera (HBAR) on the exchange. This initiative marked a pioneering move toward introducing digital asset ETPs to African markets.
The rapid growth of Valour’s offerings signals increasing institutional and retail interest in cryptocurrency investments. Exchange-traded products simplify access to digital assets, offering a regulated environment for investors who might otherwise be hesitant to navigate the complexities of cryptocurrency ownership.
Valour’s decision to expand its portfolio with Spotlight shows Sweden’s growing importance as a hub for cryptocurrency innovation. Spotlight is one of three major stock markets in the country, alongside Nasdaq Nordic and Nordic Growth Market. By positioning itself as a leader in crypto ETPs, Spotlight aims to attract a new generation of investors looking to diversify their portfolios with blockchain-based assets.
