Grayscale Investments has registered an LLC for a prospective Yearn Finance (YFI) Trust, giving the first sign that the asset manager is considering the DeFi coin.

The new YFI entity was incorporated as a Statutory Trust in Delaware on February. 10, 2021. Grayscale at present has 33 registered trusts in the land, though only 9 are active, based on the fund director's AUM reports. This includes the industry-leading Bitcoin Trust, which has nearly $30 billion in assets.

Grayscale has likewise formed LLCs for Polkadot, Uniswap, Theta and Cardano, among many others. Registering a corporation doesn't hateful that the new concern entity is operational. In this case, the LLC is a placeholder for a future fund offering that may or may non come to fruition.

A spokesperson for Grayscale told Cointelegraph that the new entity is merely a "reservation filing" that could become operational in the hereafter:

Grayscale is always looking for opportunities to offer products that meet investor demands. Occasionally, we volition make reservation filings, though a filing does not mean we will bring a production to market. Grayscale has and will continue to announce when new products are fabricated available to investors.

Despite that "reservation" status, as well equally the cheap cost of registering an LLC in Delaware (Grayscale itself is a Delaware-registered LLC), the process is not gratuitous, and registrants typically need to pay annual fees to maintain their active condition. Even if a YFI trust is nowhere near launch, this is at least a definite indicator of interest.

Grayscale'due south investment funds accept fatigued considerable attention from mainstream investors looking to gain access to cryptocurrencies via traditional vehicles. The fund manager remains the de facto leader in this infinite, with total assets well n of $36 billion.

Yearn Finance offers one of the more than compelling value propositions in DeFi. It's the only digital asset to mirror Bitcoin (BTC) in terms of price, which is largely due to its very express supply and office equally an aggregator for DeFi investors. During the initial wave of DeFi mania terminal summer, YFI exceeded Bitcoin's price momentarily.

YFI set a new best high on Th, climbing in a higher place $45,500 for the first time.