Seeing this tweet from SXT, I suddenly remembered the recent IPO application of @ Grayscale Grayscale. I spent some time pondering what impact it would have on Grayscale's Xiashanzhai Coin Trust if the IPO was successful. At present, Grayscale manages a total of 35+investment products, including the most well-known BTC spot Bitcoin ETF with total assets of $33 billion. It's their latest variety to join Trust, and the price has also risen sharply in the past two days. If Grayscale successfully goes public and lands, it is likely to be beneficial for the altcoin Trust it manages, because: ⏩ Listed companies are required to undergo regular financial audits and compliance supervision by the SEC, which will greatly enhance institutional investors' trust in Grayscale products. After Grayscale's IPO, it is equivalent to obtaining an "indirect endorsement" for its altcoin products. ⏩ The altcoin Trust market is smaller and less liquid, and once institutions participate, the marginal impact will be more significant. ⏩ Although there are still compliance barriers in the short term, once BTC and ETH ETFs are perfected and altcoin spot ETFs are opened up, Grayscale is the most qualified first batch of managers to launch them. So in the wave of cryptocurrency compliance, the IPO of Grayscale is also a matter worth paying attention to, as it may also be one of the engines that bring new blood to the currently withered altcoin market. ~~~~~~~~ In addition, I also discovered some interesting things: At present, in the Trust list of Grayscale, the AUM (Asset Management Scale) of the newly added SXT exceeds most other trust products, and even surpasses SUI (18.8M vs 12.4M). Part of the reason may be that Sui has relatively more mature investment channels, but SXT's AUM is significantly ahead compared to other counterfeit trusts such as STX, PYTH, and even TAO. So does it mean that @ SpaceandTimeDB is still very popular in the European and American markets? I checked again and found out that the Trust product on Grayscale was still listed as Optimism Trust and Lido DAO Trust in December of 2024. After half a year, choosing SXT always feels like it has a story to tell. I plan to leave some more time to dig later.