Metalpha, based in Hong Kong, has launched the "Next Generation Fund", which allows investors to access Grayscale's digital asset products, including GBTC and redeem shares.

The fund has raised $20m and is targeting $100m. The fund's straightforward participation and compliance with regulations make it attractive to investors.

Grayscale's crypto products have been trading at a discount since March 2021, but the ability to get exposure to them and redeem shares should appeal to bullish investors interested in arbitrage plays.