Crypto Market News Flash: Grayscale Drops Kaspa, Adds 40 New Altcoins in Q2 Shake-Up

Grayscale has published its latest “Assets Under Consideration” list for Q2 2025, featuring 40 altcoins under review for possible inclusion in future investment products. This update marks an increase from the 39 tokens listed in January 2025 and shows the firm’s ongoing reassessment of market opportunities.

The updated list covers a wide range of sectors within the crypto ecosystem, including smart contract platforms, financial protocols, consumer-oriented tokens, and utility-based services. Some of the newer additions include Berachain, Plume Network, and Maple Finance, as well as established names like VeChain and Toncoin. 

According to the official statement, “Our goal is to reflect the evolving nature of the digital asset market by regularly reviewing and updating our product considerations.”

Removals Signal Change in Direction

Several tokens that were present in earlier lists have been excluded in this quarter’s update. Among the most notable removals is Kaspa, which had previously been listed in the currencies category. 

The list also no longer includes Sei, Sonic, and Starknet under smart contract platforms. In the financials sector, THORChain and Injective Protocol were removed, suggesting a shift in how the firm is evaluating utility and traction in that area.

The Consumer and Culture category has seen some changes, with Ai16z and Virtuals Protocol no longer featured in the latest update. Over in the Utilities and Services section, Flock.io, Hyperbolic, and Worldcoin have also been removed. 

These removals suggest that Grayscale may be narrowing its focus to emphasize projects with more tangible infrastructure applications or long-term integration potential. The company stated, “We continue to refine our list based on technical developments, team activity, and market interest.”

Asset Reclassifications Reflect Evolving Project Roles

Alongside additions and removals, several tokens have been shifted to different categories. Story (IP), previously grouped under Utilities and Services, now falls under the Consumer and Culture segment. Maple Finance, rebranded as SYRUP, has been placed within the Financials group, while Geodnet has transitioned into the Utilities and Services section. These updates reflect how project roles are evolving within the broader crypto landscape.

Grayscale has also introduced assets without a formal category assignment yet. These include Babylon, Monad, Movement, Lombard, Mantra, Eliza, DeepBook, Walrus, Prime Intellect, Sentient, and Space and Time. These additions remain under evaluation as Grayscale determines where they best fit within the broader digital asset framework.

Product Suite Growth Continues

Grayscale also confirmed that two previously listed altcoins—Pyth Network and Dogecoin—have graduated from the “consideration” stage to live products. The Grayscale Dogecoin Trust launched on January 31, followed by the Pyth Trust on February 18. Both products are now part of Grayscale’s actively managed offerings.

As part of its ongoing strategy, Grayscale reaffirmed its commitment to updating the list periodically. “This document reflects the list as of April 10, 2025, but it can be adjusted throughout the quarter depending on how the market evolves and as new products are launched,” the firm stated.

The crypto market is expected to closely track which of the newly listed altcoins will next move from potential to active status in the asset manager’s portfolio. With continued updates every quarter, the “Assets Under Consideration” list remains a key reference point for observing Grayscale’s positioning in the digital asset space.