Grayscale Research recently released the assets under consideration list for the third quarter of 2025, outlining the tokens it may include in a future investment product. Unfortunately, the company did not clarify any of its options.
This list consists of 31 candidate altcoins, which is a lower level than the last three quarterly updates. Many altcoins have been directly removed or replaced with new candidate tokens, and asset reclassification complicates the complete counting process.
Grayscale's assets under consideration list
Grayscale, one of the largest issuers of spot Bitcoin ETFs, has a wide range of products and other trading projects. Its research department regularly publishes lists of promising altcoins and investment recommendations specific to certain sectors.
The company just released the third quarter of 2025 version of the 'assets under consideration' list, which contains several useful insights:
Compared to Grayscale's second quarter of 2025 list, this round of assets under consideration makes significant changes. While the previous version showed interest in 40 altcoins, today's list includes only 31 coins.
This is lower than my list for the first quarter of 2025 and the fourth quarter of 2024, showing a much narrower window. So, which altcoins seem the most promising?
Grayscale significantly reduced the number of altcoins to compile this list; for example, the second-quarter release contained 12 altcoins in the 'smart contracts' category, while this release has only seven. The 'utilities and services' release contained 13 coins, while this release has been reduced to four coins.
Below is the complete list of excluded altcoins: Babylon, Berachain, Celestia, MOVE, TRON, VeChain, Mantra, ELIZA, Immutable, Akash, FET, Arweave, Eigen Layer, Geodnet, Helium, and Sentient. A large number of excluded coins.
In comparison, only a few of the previously studied assets were included in Grayscale's current product offerings. It is true that Grayscale has created a new category for AI tokens, and some tokens from the previous list have now joined it. However, the surprises are still unpleasant.
For example, the BONK game joined the list after a week of strong performance, continuing its remarkable rise today. Unfortunately, Grayscale did not provide any clear justification for these changes in its list.
The status of MegaETH, Monad, Lombard, Playtron, Prime Intellect, and Story (IP) is uncertain, as Grayscale states that these tokens do not fall within its main asset categories. The company provides a detailed explanation in its list of the top 20, but the assets under consideration always consist of raw data.
It is difficult to fully understand why Grayscale is making all these changes.