Crypto asset manager Grayscale Investments unveiled Grayscale Crypto Sectors, a new framework for organizing crypto assets, the company announced Tuesday.
Grayscale also announced a new partnership with global index provider FTSE Russell to introduce the FTSE Grayscale Crypto Sector Index Series, a set of five indices built to capture the investable markets of the new framework, according to a press release.
The purpose of both the framework and the FTSE Grayscale Crypto Sector Index Series is to provide broader exposure to crypto beyond the top digital assets of bitcoin (BTC) and ether (ETH).
“Investors have increasingly expressed interest in diversifying beyond crypto’s largest assets, Bitcoin and Ethereum, and many look to Grayscale to better understand this robust, evolving asset class,” Grayscale Investments CEO Michael Sonnenshein said in the press release.
The five Crypto Sector indices include Currencies, Smart Contract Platforms, Financials, Consumer and Culture, and Utilities and Services. The indices, which will be reassessed quarterly, include coverage of more than 150 protocols.
Grayscale has made headlines this year for its attempts to convert its roughly $17 billion Grayscale Bitcoin Trust (GBTC) into a spot bitcoin exchange-traded fund (ETF).
The U.S. Securities and Exchange Commission (SEC) initially denied the application, but a federal appeals court ruled that the SEC hadn’t provided a sufficient reason for the denial and needed to look at the filing again. The SEC missed a recent deadline to appeal that decision, and the court on Monday finalized its decision.