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Grayscale Partners With Foundry to Launch Bitcoin Mining Investment Product

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Grayscale intends to enter the mining space while ASIC equipment becomes cheap during the bear market.

Grayscale – the world’s largest cryptocurrency asset manager – has announced a new investment product providing exposure to Bitcoin mining hardware.

“After talking with Mike Colyer [CEO of Foundry] and the Foundry team about crypto winter, we agreed there was an opportunity to connect investors directly with crypto mining,” said Grayscale CEO Michael Sonnenshein overThe “crypto winter” of 2022 has seen Bitcoin’s price crumble 70% from its highs last November – taking multiple crypto industry firms along with it. Some of those firms included

Grayscale said the mining cycle has now entered its “Inventory Flush” stage, where hash rate remains high, but Bitcoin’s price has declined substantially. The subsequent “shakeout”, according to the theory, will lead to a hash rate drop as miners are forced to turn off their machines. For Foundry, Colyer emphasized that now is “a really good time to start leaning in, and start investing back into the space.”

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