Grayscale Launches Solana As Its 16th Product, CEO says Investors Increasingly Diversifying Beyond Bitcoin and Ethereum
Grayscale Investments, the world's largest digital asset manager, expands its offering to include the popular Ethereum competitor Solana (SOL).
This latest offering “reflects the firm’s ongoing commitment to providing investors access to the ever-evolving digital economy,” said Grayscale.
In October, the firm added SOL token to its Grayscale Digital Large Cap Fund (OTCQX: GDLC).
The asset manager has now launched its sixteenth product Grayscale Solana Trust. The Trust is solely and passively invested in the $66.9 billion market cap token, native to the Solana Network, which it says “expand(s) blockchain use beyond just a peer-to-peer money system.”
Currently trading around $222, SOL is one of the biggest gainers of this year, with its YTD gains at 11,776% while being down 15.4% from its ATH at $260 about a month back. Grayscale CEO Michael Sonnenshein said,
“We have had a front row seat to the mainstream acceptance and adoption of crypto, and increasingly find that investors are diversifying their exposure beyond digital assets like Bitcoin and Ethereum.”
As we reported, investors have already poured in $187 million into Solana (SOL) year-to-date behind the $6.9 billion inflows into Bitcoin (BTC) and $1.2 billion inflows into Ethereum (ETH), according to CoinShares' weekly digital asset fund flows report. BTC -2.65% Bitcoin / USD BTCUSD $ 34,344.46
-$910.13-2.65% Volume 34.75 b Change -$910.13 Open $34,344.46 Circulating 18.94 m Market Cap 650.44 b 3 w SEC Commissioner says NFTs Might Fall Within Their Jurisdiction, Gensler Hires Senate Aid for Crypto Policy 3 w A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 3 w Bitcoin and Ether Dump More Going Into Year-End, ETH Killers Showing Great Momentum ETH -7.19% Ethereum / USD ETHUSD $ 2,256.51
-$162.24-7.19% Volume 23.94 b Change -$162.24 Open $2,256.51 Circulating 119.29 m Market Cap 269.19 b 3 w Coinbase Predicts Substantial Growth of Newer L1 Chains & Institutionalization of Regulated DeFi 3 w A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 3 w The Sandbox Game Is Migrating to Ethereum Sidechain Polygon and Launching A DAO in 2022
“Solana is faster and cheaper, so it's been a really great on-ramp for folks looking to buy NFTs, DeFi, or various applications being built on top of it.”
The Trust is open for daily subscriptions for eligible individuals and institutional accredited investors. It has a minimum investment limit of $25,000 and an annual fee of 2.5%.
Founded in 2013, Grayscale Investments is currently managing more than $52.9 billion in assets under management.