TLDR
- Grayscale now lets eligible investors swap tokens directly for shares in 10 crypto products.
- Minimum investments range from about $80,300 to $364,800.
- Products cover Bitcoin, Ethereum, Solana, XRP, Dogecoin, Avalanche, Chainlink, Hyperliquid, Sui and Zcash.
- The SEC approved in-kind creations and redemptions for crypto ETPs in July 2025.
- Grayscale says fees, taxes and price changes still apply.
Grayscale has expanded in-kind subscriptions to 10 of its crypto investment products. Eligible investors can now swap tokens directly for fund shares without selling them for cash first.
LATEST: ⚡ Grayscale now lets eligible investors swap tokens directly for shares in 10 crypto ETFs and trusts, including Bitcoin, Solana, and XRP products, without selling for cash first. pic.twitter.com/irWdaVg0uY
— CoinMarketCap (@CoinMarketCap) October 22, 2026
The products include the Bitcoin Mini Trust ETF and the Ethereum Staking Mini ETF. Others track Avalanche, Chainlink, Dogecoin, Hyperliquid, Solana, Sui, XRP and Zcash.
Minimum investments range from about $80,300 to $364,800. The amount depends on the product and the price of the underlying token.
How the Minimums Compare
Solana has the lowest minimum, at about $80,300, according to Coingape. The Bitcoin Mini Trust has the highest, at about $364,800.
Dogecoin requires about $95,550, while XRP needs $257,000. Zcash sits at $322,600.
These figures can shift as token prices move. The high minimums may keep smaller investors out of the program.
Investors must use authorized participants or approved intermediaries. They will own fund shares, which do not give control over the underlying tokens.
What Grayscale and the SEC Said
Grayscale said the option can reduce self-custody burdens and may lower transaction costs. It also gives investors access to brokerage and retirement accounts, collateral use and other portfolio tools.
“As digital assets mature, investors are seeking more secure and efficient ways to manage their crypto holdings,” said Steve Vanourny, Head of Index at Grayscale. He pointed to cybersecurity threats, including self-custody and DeFi exploits.
Vanourny said institutional custody is increasingly valuable. He said in-kind investing bridges direct crypto ownership and traditional portfolio management.
The SEC approved in-kind creations and redemptions for crypto ETPs in July 2025. That approval applied to authorized participants.
“It’s a new day at the SEC,” Chairman Paul Atkins said at the time. He said the approvals would make the products less costly and more efficient.
Grayscale warned that facilitator fees, market price differences and possible tax obligations still apply. Its products also rely on third-party custodians.
Investors remain exposed to changes in crypto prices. Custody and counterparty risks do not go away.
The offering follows Grayscale’s earlier launch of a Zcash ETF. The Dogecoin Trust ETF, part of the new offering, saw a surge in investor inflows at the end of September.
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