Reports

Whether you're new to crypto or a seasoned pro, our library of educational resources will deepen your understanding of the technology that's changing the world.‌‍‍‍‌‍‌‍‌‍‍‌‌‍‌‌‍‍‌‌‍‍‍‍‍‍‍‍‌‌‍‌‌‍‍‌‍‍‌‌‌‌‍‌‍‍‌‍‍‌‌‍‍‍‍‍‍‌‍‍‌‍‌‍‌‌‌‍‌‍‍‍‍‍‍‍‌‍‍‌‌‌‌‌‌‍‍‍‍‌‌‌‌‌‌‌‍‌‌‍‍‌‌‍‍‌‌‌‌‍‌‍‍‌‍‌‌‍‌‍‌‌‍‌‌‌‍‌‍‌‌‍‌‍‌‌‍‍‌‍‌‍‌‍‌‍‌‍‍‌‌‍‍‌‌‌‍‌‌‌‍‍‌‌‍‌‍‌‌‌‍‌‌‍‍‌‌‌‍‌‍‌‌‍‌‍‌‌‍‌‌‌‌‌‍‌‍‌‌‌‌‍‌‌‌‍‍‌‌‌‍‌‌‌‌‍‍‌‌‍‌‍‍‍‌‍‍‌‌‍‌‌‌‍‌‍‌‍‍‌‍‌‌‍‌‍‌‌‍‌‌‍‌‌‍‌‍‌‍‌‌‌‍‌‌‌‍‌‍‍‌‍‌‌‍‌‌‍‍‍‌‌‍‌‌‍‌‍‌‌‍‌‍‌‍‍‌‍‌‍‌‍‌‌‍‌‌‌‍‌‌‌‍‌‌‌‌‍‌‍‌‌‌‌‍‌‌‌‍‌‌‍‌‍‌‍‍‌‍‌‍‌‍‌‌‍‌‌‌‌‍‌‌‍‌‌‍‌‌‍‌‌‍‌‌‌‌‍‍‌‌‍‍‌‍‌‌‌‍‌‍‍‍‌‍‌‌‍‌‌‌‌‍‌‍‌‍‍‌‌‌‌‌‍‍‌‌‍‌‍‍‌‍‍‌‍‌‌‌‍‌‌‌‌‌‌‌‍‌‍‌‌‍‍‌‌‌‌‌‌‍‌‌‌‌‍‌‌‍‌‌‍‍‌‌‍‌‌‍‌‌‌‌‌‌‌‍‌‌‍‍‌‌‍‍‌‌‌‌‍‌‍‍‌‍‌‌‍‌‍‌‌‍‌‌‌‍‌‍‌‌‍‌‍‌‌‍‍‌‍‌‍‌‍‌‍‌‍‌‍‍‌‌‍‌‌‌‍‌‍‌‍‍‌‍‌‌‍‌‍‌‌‍‌‌‍‌‌‍‌‍‌‍‌‌‌‍‌‌‌‍‌‍‍‌‍‌‌‍‌‌‍‍‍‌‌‍‌‌‍‌‍‌‌‍‌‍‌‍‍‌‍‌‍‌‍‌‌‍‌‍‌‌‌‍‌‌‌‍‌‌‌‌‍‌‍‌‌‌‌‍‌‌‌‍‌‌‍‌‍‌‍‍‌‍‌‍‌‍‌‌‍‌‌‌‌‍‌‌‍‌‌‍‌‌‍‌‍‌‌‍‌‌‌‌‍‍‌‌‍‍‌‍‌‌‌‍‌‍‍‍‌‍‌‌‍‌‌‌‌‍‌‍‌‍‍‌‌‌‌‌‍‍‌‌‍‌‍‍‍‌‍‌‌‍‌‌‌‍‌‌‌‍‌‌‌‍‌‌‌‍‍‌‌‌‍‌‍‌‌‌‌‌‌‌‌‍‍‌‍‌‍‍‌‌‌‍‍‌‍‌‌‌‍‌‍‍‌‌

Key Takeaways An unstoppable force—rising demand for AI compute—is colliding with immovable objects—physical and potentially social/political limits to rapid data center construction. The result, in our view, will be a persistent imbalance between compute demand and supply, primarily benefiting the

09/21/2026
28 min. read

Zcash: Financial Privacy in the Age of AI

Key Takeaways New technologies can upgrade the financial system but may also reduce financial privacy. This dynamic emerged with the digitization of banking and again with the rise of the internet. Today, the expansion of AI may create similar challenges. Zcash is a decentralized digital currency m

08/19/2026
24 min. read

Solana: Crypto’s Financial Bazaar

Key Takeaways Solana is a smart contract platform blockchain that stands out for the depth and diversity of its onchain activity. Today it’s the category leader in terms of users, transaction volume, and transaction fees — arguably the three most important measures of blockchain activity. As a fast

06/26/2026
17 min. read

Guide to Buying the Dip: Valuing Crypto with Cash Flows

Key Takeaways Crypto markets have tumbled since the start of the year. How can investors determine which digital assets offer value at current prices? This can be challenging for digital commodities like Bitcoin, but many other crypto assets resemble financial claims and can be valued with cash flow

06/16/2026
31 min. read

Hyperliquid Breaks the Mold

Key Takeaways Hyperliquid is the breakout success story of the modern digital assets industry — a decentralized finance (DeFi) platform showing the world what is possible with blockchain technology. At its core is a decentralized exchange specializing in perpetual futures — a type of derivative pro

05/27/2026
26 min. read

Investing in the Tokenization Megatrend

Key Takeaways Tokenization is poised to transform capital markets by moving assets and transactions onchain. This megatrend is just getting started — and can drive value to the blockchains that power this future. Competition across blockchains is intensifying. These networks feature strikingly diff

04/29/2026
23 min. read

Investing in Smart Contract Platforms

Key Takeaways Smart contract platforms extend the original vision for blockchains from networks for peer-to-peer transactions to infrastructure for financial applications. They offer a new paradigm for global finance based on decentralization and open-source software. Smart contract platforms are t

01/29/2026
31 min. read

Bittensor on the Eve of the First Halving

Key Takeaways Bittensor is a decentralized network for artificial intelligence (AI) development — an open network where anyone can create, train, and access AI. Amid growing concentration of capital, power, and decision-making in AI, Grayscale Research believes decentralized alternatives like Bitten

12/16/2025
13 min. read

2026 Digital Asset Outlook: Dawn of the Institutional Era

Click Here To Download The Full Report Key Takeaways We expect 2026 to accelerate structural shifts in digital asset investing, which have been underpinned by two major themes: macro demand for alternative stores of value and improved regulatory clarity.Together, these trends should bring in new ca

12/15/2025
32 min. read

Staking 101: Secure the Blockchain, Earn Rewards

Blockchains secure themselves in one of two ways: Proof of Work (PoW) and Proof of Stake (PoS). PoW relies on energy and machines, while PoS relies on staking and voting. Bitcoin, the largest crypto asset by market capitalization, utilizes PoW. The majority of other well-known blockchains utilize PoS

12/08/2025
12 min. read

The LINK Between Worlds

Key Takeaways: Chainlink is the critical connective tissue between crypto and traditional finance — between the on-chain world and the off-chain world. Grayscale believes that Chainlink’s suite of software technologies will be central for many applications of blockchain technology, including tokeniz

11/19/2025
18 min. read

The Macro Case for Crypto

For fiat currencies, credibility is paramount. Today, because of high public debt, rising bond yields, and an inability to control deficit spending, the U.S. government’s commitment to ensure low inflation may no longer be fully credible. In our view, it looks increasingly likely that the strategy fo

09/11/2025
22 min. read

Stablecoins and the Future of Payments

Stablecoins are digital tokens tied to the Dollar and issued on a blockchain. Structured in this way, a tokenized digital dollar can benefit from the blockchain’s functionality, which includes borderless payments, near-instant settlement, potentially lower transaction costs, and a high degree of tran

07/21/2025
38 min. read

Built for Scale: Why Sui Stands Out

Sui is a next-generation blockchain engineered for scale and designed to support mass-market consumer applications (among other things). Grayscale Research believes that Sui has the right mix of technological edge and supporting strategy to stand out in the crowded Smart Contract Platforms Crypto Sec

07/09/2025
22 min. read

DEX Appeal: The Rise of Decentralized Exchanges

Just like in traditional finance, exchanges are core infrastructure of the digital asset industry. Although decentralized exchanges (DEXs) specialize in crypto assets today, trading of stablecoins and tokenized assets may become an increasing share of volume over time. Crypto trading is still domina

06/25/2025
21 min. read

Introducing the Artificial Intelligence Crypto Sector

Artificial intelligence (AI) could be the most consequential technology of the 21st century. Centralized control over its development, however, has raised growing concerns. Decentralized AI development based on blockchain technology has emerged as a potential solution and is now a major part of the c

05/27/2025
18 min. read

Staking Rewards: Earn Income from Your Crypto Assets

Staking rewards can be a source of uncorrelated income that may enhance total returns for investments in Proof of Stake blockchain tokens Traditional sources of investment income like bond coupon payments are tied to central bank policy and the state of the economy. Although there are some ways to d

04/01/2025
7 min. read

Ethereum: The OG Smart Contract Blockchain

Smart contract platforms are the core infrastructure for decentralized applications and blockchain-based finance. They are therefore central to the vision that public blockchains offer a new architecture for financial markets and digital commerce. Grayscale Research believes that adoption of smart c

03/20/2025
22 min. read

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Investments in digital assets are speculative investments that involve high degrees of risk, including a partial or total loss of invested funds. Investments in digital assets are not suitable for any investor that cannot afford loss of the entire investment.

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