Grayscale Research just announced the list of Assets Under Review for Q3/2025, detailing the tokens that the company may include in future investment products. Unfortunately, the company did not explain any of the choices.
This list includes 31 candidate altcoins, fewer than the three previous updates in earlier quarters. Many altcoins have been completely removed or replaced with new altcoins, and asset classification has become more complex.
Grayscale's list of assets under review
Grayscale, one of the largest Bitcoin ETF issuers, owns a range of products and diverse business projects. Periodically, the company's research department announces lists of promising altcoins and investment recommendations by sector.
The company just announced the latest version of the 'Assets Under Review' list for Q3/2025, including some useful details.
Compared to Grayscale's Q2/2025 list, this asset review has some significant changes. While the previous version showed interest in 40 altcoins, today's list includes only 31 projects.
This number is lower than both the Q1/2025 and Q4/2024 lists, indicating a narrowing of scope.
Grayscale has removed quite a few projects. For example, the Q2 version had 12 altcoins in the 'Smart Contract' category, while the latest version has only 7. Previously, the 'Utility & Services' section had 13 tokens, and this number has decreased to 4.
The list of removed altcoins includes: Babylon, Berachain, Celestia, MOVE, TRON, VeChain, Mantra, ELIZA, Immutable, Akash, FET, Arweave, Eigen Layer, Geodnet, Helium, and Sentiment.
Compared to the previous list, only a few old assets have been included in the current list.
Notably, Grayscale has created a new category for AI tokens and a few members from the previous list have been named in this category. However, there are only a few major changes.
For instance, BONK joined the list after a week of strong growth. The token price has also continued to grow strongly today.
Unfortunately, Grayscale did not provide any specific reasons behind these changes in its list.
MegaETH, Monad, Lombard, Playtron, Prime Intellect, and Story (IP) have uncertain status, as Grayscale stated that these tokens do not fit one of the main asset categories.
The company provides detailed explanations for the Top 20 list, but the Assets Under Review list always includes raw data. It is hard to grasp Grayscale's logic with all these changes.