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Leading asset manager Grayscale Investments today announced the launch of Grayscale Avalanche Trust, a new investment product that provides investors with access to Avalanche (AVAX), a popular blockchain platform known for its scalability, security, and decentralization.

Grayscale said the trust is part of the company’s strategy to provide investors with diverse crypto exposure.

“The launch of the Grayscale Avalanche Trust underscores Grayscale’s continued commitment to providing investors with innovative opportunities to access exciting developments in the crypto ecosystem,” said Rayhaneh Sharif-Askary, Head of Product & Research at Grayscale.

The new trust, which operates similarly to Grayscale’s existing funds, marks a significant addition to Grayscale’s growing list of more than 20 crypto investment products. At the time of writing, shares of Grayscale Avalanche Trust are trading at $11.75 and charge a 2.5% management fee.

Grayscale also offers trusts tied to various crypto assets including Solana, Stellar, Chainlink, Near and Litecoin. The company launched new funds earlier this month that invest in Sui and Bittensor.

The launch of the Grayscale Avalanche Trust comes as institutions including JPMorgan and City embrace Avalanche’s customizable platform, particularly through its specialized subnets, Avalanche said in a blog post.

According to Grayscale, Avalanche has positioned itself as a leading platform for RWA tokenization by partnering with several institutions and companies.

“Through its key strategic partnerships and unique, multi-chain structure, Avalanche plays a critical role in the advancement of RWA tokenization,” Sharif-Askary noted.

According to a separate announcement from Franklin Templeton on Thursday, the asset manager has expanded its Franklin OnChain US Government Money Fund to the Avalanche network.

The move marks the first example of an on-chain money market fund on Avalanche. Institutional investors can now access Franklin Templeton’s administration system, Benji Investments, via the Avalanche network, provided they meet certain eligibility criteria.

Avalanche’s AVA token surged 5% to nearly $25 on positive news. At the time of writing, AVAX is trading at $24.6, up 6% in the past 24 hours, according to data from CoinGecko.

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