In-kind transfers eliminate intermediate cash conversion steps, potentially reducing execution costs and trading fees for investors.

From the articleGrayscale lets investors swap crypto for ETP shares across 10 funds - CryptopolitanAlso in Grayscale Opens 10 Crypto Products to Direct Swaps With $80K Minimum, Grayscale Expands In-Kind Crypto Subscriptions to 10 Products, Letting Investors Receive Fund Shares With Tokens, Grayscale Opens 10 Crypto ETFs to Investors, But There's a Catch, Grayscale Opens In-Kind ETF Access With Six-Figure Entry Minimums, Grayscale expands in-kind subscriptions to 10 crypto ETFs and trusts