- Grayscale is reviewing 31 tokens across five sectors for possible future investment products.
- Tokens span smart contracts, finance, AI, consumer, and utility categories for diversification.
- Major projects dropped from the Q2 consideration list include TRON, VeChain, Celestia, & more.
Grayscale Investments is once again expanding its crypto horizon. On July 10, 2025, the firm released its latest quarterly update, highlighting 31 tokens under review for possible inclusion in future investment products. This announcement is part of Grayscale’s broader initiative to offer investors access to a wide range of digital assets across key sectors.
The new update marks a trimmed selection compared to previous quarters. In Q2 2025, the asset manager reviewed 40 assets. Grayscale has categorized these tokens into five key sectors: Smart Contracts, Financial, Artificial Intelligence, Consumer & Culture, and Utilities & Services.
This strategic update demonstrates how Grayscale is refining its approach to crypto selection. The firm states that it updates the list quarterly or sooner, depending on market developments and fund reconstitution. These updates are designed to help investors track which assets Grayscale may introduce to its product line.
Tokens Across Key Sectors
Smart Contract Platforms remain a primary focus. The list includes Aptos (APT), Arbitrum (ARB), Celo (CELO), Mantle (MNT), Toncoin (TON), MegaETH, and Monad.
Financial assets form the bulk of the additions. Notable names include Binance Coin (BNB), Hyperliquid (HYPE), Pendle (PENDLE), and Aerodrome (AERO). Others like DeepBook (DEEP), Ethena (ENA), Euler (EUL), Jupiter (JUP), and Maple Finance (SYRUP) also made the cut. Additional entries include Kamino Finance (KMNO), Morpho (MORPHO), Plume Network (PLUME), and Lombard.
Grayscale introduced a new category, AI, featuring five tokens. These are Aixbt by Virtuals (AIXBT), Grass (GRASS), Virtuals Protocol (Virtual), Prime Intellect, and Story (IP). This marks the first time the asset manager has grouped AI projects separately.
Consumer and culture tokens include Bonk (BONK) and Playtron. Utility and Service tokens include Jito (JTO), Layer Zero (ZRO), Walrus (WAL), and Wormhole (W).
Some projects are labeled “uncategorized.” These include MegaETH, Monad, Lombard, Playtron, Prime Intellect, and Story. Grayscale stated that these tokens do not yet align with existing framework categories but remain under evaluation.
Strategic Cuts and Unclear Criteria
Grayscale made significant reductions to its consideration list. Projects such as TRON, Celestia, VeChain, Berachain, Akash, Arweave, and Mantra were dropped. Other removals include ELIZA, MOVE, Sentient, Eigen Layer, and Helium. The Utility & Services sector shrank from 13 tokens in Q2 to just four in Q3.
The firm did not offer a rationale for the asset changes. Grayscale’s “Assets Under Consideration” report is usually presented without commentary. It does not include performance analysis or token-specific evaluations. Investors must rely on other Grayscale publications for deeper insights.
Related: SEC Approves Grayscale’s Mixed Crypto Fund Conversion Into ETF
Still, the update reflects Grayscale’s intention to keep pace with a fast-moving crypto market. The list also provides clues about the company’s future direction. While not all considered tokens make it to final product status, many go on to feature in Grayscale’s single- or multi-asset funds.
The company states that inclusion on the list does not guarantee future investment. However, it does indicate which projects meet initial research and framework standards. This approach enables investors to track the evolution of institutional interest in digital assets.
The continuous evaluations of Grayscale provide an idea of what the mainstream investment products may soon offer. Subsequent quarterly additions and subtractions of assets could include or exclude assets related to regulatory changes, liquidity, adoption, and market dynamics.
For now, the firm’s Q3 2025 consideration list serves as a benchmark for observing sector trends and emerging token relevance. Grayscale continues to position itself at the intersection of traditional finance and digital innovation.
