Grayscale Investments, the world’s largest crypto asset manager, has registered a new cryptocurrency trust, this time for the popular decentralized finance (DeFi) protocol Yearn Finance.

The new entity was registered as a Statutory Trust in Delaware on February 10 and indicates the fund manager’s plan to start its first DeFi trust. However, the incorporation of the trust does not guarantee the commencement of a Yearn Finance Trust.

“Occasionally, we will make reservation filings, though a filing does not mean we will bring a product to market,” a Grayscale spokesperson told Coin Telegraph. “Grayscale has and will continue to announce when new products are made available to investors.”

The latest trust incorporation came after the asset manager registered the same for Polkadot, Uniswap, Theta, Cardano and several others in Delaware. However, out of 33 registered Grayscale trusts, only nine are active. It terminated the XRP Trust last month following the SEC lawsuit against Ripple.

Institutional Demand for Crypto Is Increasing

Grayscale is the largest digital currency asset manager with $36.8 billion in assets under management (AUM). The Grayscale Bitcoin Trust alone has an AUM of $30.25 billion followed by the $5.52 billion Grayscale Ethereum Trust.

Despite the massive size of the trusts, the company is still purchasing more and more cryptocurrencies.

Grayscale has become a preferred route for institutions to gain exposure to Bitcoin as the units of the trusts are being traded on the US over-the-counter (OTC) exchanges. Recently, celebrated hedge fund manager, Bill Miller revealed that his flagship fund is planning to get up to 15 percent of Bitcoin exposure through an investment into the Grayscale Bitcoin Trust.

Meanwhile, the prices of YFI, the governance token of Yearn Finance, soared over 32 percent in the last 24 hours after the registration of Grayscale’s new trust became public.