Grayscale Expands Q2 2025 Watchlist With 40 Altcoins, Dropping Several Key Names

In Brief

• Grayscale has updated its “Assets Under Consideration” list for Q2 2025, now featuring 40 altcoins—reflecting evolving trends in the crypto space.
• Key exclusions include Kaspa, Sei, Starknet, and Injective, marking a pivot in strategic asset focus. 

Grayscale Unveils Q2 Asset Watchlist With Significant Additions and Removals

Grayscale List of Potential Investible Assets. Source: Grayscale

Grayscale, a dominant player in digital asset management, has rolled out the latest version of its “Assets Under Consideration” list for the second quarter of 2025—bringing the total number of altcoins under review to 40.

This update reflects a notable shift from previous versions, including the 39-asset list in January 2025 and the 35-asset edition from October 2024.

“We’re pleased to present the updated roster of assets under consideration for possible inclusion in Grayscale’s investment products,” the company announced in a blog post.

Kaspa, Starknet, and Other Notable Projects Dropped From the List

Among the most striking changes in the Q2 revision is the removal of Kaspa, which was previously listed under the currencies category. In this update, the category now stands empty.

Grayscale also dropped several names from its smart contract platform segment, including Sei, Sonic, and Starknet. In the financials category, THORChain and Injective Protocol have been excluded.

The consumer and culture vertical saw the removal of Ai16z and Virtuals Protocol, while the utilities and services section lost Flock.io, Hyperbolic, and Worldcoin—suggesting a reevaluation of what constitutes essential infrastructure in the rapidly evolving crypto world.

VeChain, Plume, and Other Rising Projects Join the Watchlist

While several assets were removed, new additions also made headlines. VeChain has been added to the smart contract platforms category, indicating renewed institutional interest in its use cases.

The financials category now includes Plume Network and SYRUP, while Aixbt (under Virtuals) has entered the consumer and culture section. Maple Finance, GEOD, and Story—all noted for their high growth potential—were highlighted on Grayscale’s Top 20 list and now appear in the updated watchlist as well.

Notably, some assets were reassigned to better reflect their evolving roles in the ecosystem. For example, IP has shifted from Utilities and Services to Consumer and Culture.

Emerging Names Signal Broader Exploration

A range of new, yet-to-be-classified assets also made the cut, including Babylon, Berachain, Monad, Movement, Lombard, Mantra, Eliza, DeepBook, and Walrus. Grayscale also retained Prime Intellect, Sentient, and Space and Time from its previous list.

The firm emphasized its commitment to dynamic reviews, stating:

“We aim to update this list up to 15 days after the end of each quarter, adapting to the fast-paced evolution of the crypto ecosystem,” Grayscale said. “The list as of April 10, 2025, remains subject to intra-quarter changes.”