Cryptocurrency investment firm Grayscale introduces a fresh fund concentrating on MakerDAO's MKR token.
In a recent development, digital asset manager Grayscale has launched a new single-asset fund for MakerDAO's governance token MKR, marking a significant addition to its suite of investment products[1]. This new MKR fund reflects Grayscale’s increasing interest in governance tokens and decentralized finance (DeFi) protocols.
Compared to Grayscale’s other single-asset trust funds, such as those for Bitcoin (GBTC), Ethereum, and established funds like GBTC that have been around for years and hold substantial assets under management, the MKR trust represents a newer and more specialized investment product[2][3]. While these funds are more focused on major cryptocurrencies, the MKR trust targets governance utility tokens, which often have different risk profiles and investor appeal linked to decentralized governance rather than pure store-of-value or platform use cases[3].
In contrast to the broad Digital Large Cap Fund, which includes a mixture of major cryptocurrencies such as Bitcoin, Ethereum, and XRP, the MKR trust is a single-asset vehicle that zeroes in on the MakerDAO protocol token[2]. This move places MKR alongside other emerging assets under Grayscale’s management but with a clear niche in governance within decentralized lending and stablecoin ecosystems.
The Maker Protocol, powered by the Dai stablecoin, is one of the largest decentralized finance lending platforms and has a market cap value of $5 billion for its stablecoin[4]. At its peak in late 2021, the Maker Protocol had a total value locked (TVL) of over $18 billion, managing more than $7 billion in crypto and real-world assets, including U.S. treasuries[5]. As of the current date, the Maker Protocol's TVL is $4.9 billion, according to DeFiLlama[6].
Grayscale’s portfolio of digital assets includes utilities and services such as Chainlink, Filecoin, and Helium, as well as DeFi products like Pendle, Uniswap, and Jupiter, currencies like Bitcoin, Ethereum, and Cardano, consumer products like Illuvium, Decentraland, and Immutable, and even currencies like Dai[7]. With the addition of the MKR fund, Grayscale’s portfolio of digital assets becomes even more diverse, encompassing various types of digital assets.
Grayscale’s MKR trust follows the same structure as the other single-asset trusts, such as the Grayscale TAO Trust and Grayscale SUI Trust[1]. The Grayscale MakerDAO Trust is the latest in a series of single-asset trusts launched by Grayscale, demonstrating its commitment to expanding its portfolio beyond ETFs and capturing investor interest in decentralized governance through dedicated, single-asset trusts.
Sources: 1. Grayscale Launches MakerDAO MKR Fund 2. Grayscale MakerDAO Trust: A Single-Asset Investment Vehicle 3. Grayscale Launches MakerDAO MKR Fund: What You Need to Know 4. MakerDAO Stablecoin Dai Market Cap Value 5. Maker Protocol Total Value Locked (TVL) at Peak 6. Maker Protocol Current Total Value Locked (TVL)
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