Grayscale Expands Altcoin Strategy With 40-Tokens List, DOGE and PYTH Trusts Debut

Q2 2025 Update Reveals Strategic Shifts, Removals, and Infrastructure Focus

Grayscale Investments has expanded its “Assets Under Consideration” list to 40 cryptocurrencies for Q2 2025, marking a continued reassessment of its altcoin strategy. The list, up from 39 in January, reflects the firm’s quarterly cadence of evaluating token fundamentals, regulatory posture, and institutional relevance. Released on April 10, the update includes fresh token entries, new trust launches, and several notable removals that underscore a strategic tightening of focus.

Dogecoin and Pyth Network were officially elevated from the watchlist to active single-asset trusts, signaling a broader diversification beyond Bitcoin and Ethereum. The Grayscale Dogecoin Trust launched on January 31, 2025, while the Pyth Trust went live on February 18. DOGE, long associated with retail-driven enthusiasm, now sits alongside PYTH, which supports the growing institutional interest in decentralized oracle infrastructure. Grayscale described its framework as evolving with the crypto ecosystem, noting that the list may be refreshed as soon as 15 days after each quarter ends to stay aligned with market developments.

The Q2 update comes with several removals that reveal Grayscale’s recalibrated focus. Kaspa was removed from the Currencies category, leaving it empty. The Smart Contract Platforms category saw the exit of Sei, Sonic, and Starknet. THORChain and Injective were dropped from the Financials group, while ai16z and Virtuals Protocol were cut from the Consumer and Culture section. Utilities and Services experienced the most reduction with the removal of Flock.io, Hyperbolic, and Worldcoin. These cuts suggest a shift toward assets with scalable infrastructure potential, proven market use cases, or stronger institutional alignment.

Among the 40 tokens currently under review, several high-profile projects were added in April. On the smart contract front, VeChain joined based on its rising enterprise adoption, while Toncoin, TRON, Arbitrum, Aptos, Celestia, and Hedera Hashgraph also entered the list, showing Grayscale’s growing attention to Layer 1 and Layer 2 solutions. Other newcomers include Babylon, Monad, Berachain, and Movement—early-stage projects that remain uncategorized but have gained attention in technical circles. TRON’s reappearance is especially notable as it remains a controversial yet widely-used platform in Asia and emerging markets.

The Financials category was expanded with additions like Binance Coin, Ethena, Hyperliquid, Pendle, Jupiter, Ondo, and SYRUP. Mantra and Plume Network were also introduced, with Mantra and Lombard marked as uncategorized. Consumer and Culture saw a minor refresh with Immutable (IMX), aixbt by Virtuals, Eliza, and IP (Story), the latter of which was reclassified from Utilities and Services. Meanwhile, deep infrastructure projects such as Arweave, Eigen Layer, Helium, and Akash Network were added under Utilities and Services, joined by more experimental names like Grass, Geodnet, Prime Intellect, Sentient, and Walrus.

Grayscale clarified that being placed on the consideration list does not guarantee the launch of a trust but indicates the firm is actively monitoring these assets. This list remains fluid and may be modified mid-quarter, especially if existing multi-asset products are rebalanced or new trusts are initiated. The firm stated, “This reduction hints at the firm’s recalibration of what it considers to be foundational utilities in the changing crypto sector,” reinforcing a sentiment that Grayscale’s priorities are shifting toward durable value plays rather than speculative momentum.

This article has been refined and enhanced by ChatGPT.