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 2.77% Bitcoin / USD BTCUSD $ 21,473.58
Volume 24.8 b Change $594.82 Open $21,473.58 Circulating 19.08 m Market Cap 409.64 b
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ETH 7.26% Ethereum / USD ETHUSD $ 1,232.45
Volume 16.57 b Change $89.48 Open $1,232.45 Circulating 121.29 m Market Cap 149.49 b
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“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.

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