702.53. Transmute

Transmute is an activated ability that functions only while the card with transmute is in a player’s hand. “Transmute [cost]” means “[Cost], Discard this card: Search your library for a card with the same mana value as the discarded card, reveal that card, and put it into your hand. Then shuffle your library. Activate only as a sorcery.”

Although the transmute ability can be activated only if the card is in a player’s hand, it continues to exist while the object is on the battlefield and in all other zones. Therefore objects with transmute will be affected by effects that depend on objects having one or more activated abilities.