Osprey Funds Launches Solana (SOL) Trust to Attract Institutional Investors
Solana has been one of the most talked-about projects in the crypto space this week, and it doesn’t appear to be slowing down. In the latest show of adoption, an institutional investment firm has opened a new Fund for the company’s SOL token.
Big Expansion for Osprey
According to an official press release shared on Thursday, Osprey Funds has launched an SOL-based Trust product for private placement. The press release confirmed that the new product would offer exposure to SOL for investors, making Osprey the first company to offer an investment product dedicated solely to the token.
The Osprey Solana Fund is open to all accredited investors, with a minimum subscription amount of $10,000. Osprey Funds pointed out that it will be looking to list the SOL fund on the OTCQX over-the-counter (OTC) market as soon as possible. The company has also waived its management fee – which stands at 2.5 percent – for all investors in the SOL fund until January 2023.
The SOL Fund is the fourth product to be launched by Osprey. The New York company already offering exposure to Bitcoin (BTC), Polkadot’s DOT token, and the ALGO token from blockchain project Algorand. BTC 1.87% Bitcoin / USD BTCUSD $ 48,114.06
$899.731.87% Volume 28.45 b Change $899.73 Open $48,114.06 Circulating 18.82 m Market Cap 905.49 b 1 d Stablecoins Come Under Scrutiny As Regulators Rev Up Crypto Clampdown Efforts 1 d Interactive Brokers Founder Already Red Pilled, Has Been “Itching” to Offer Crypto Trading for a Long Time 1 d Visa’s Head of Crypto Inquires About Solana (SOL), PayPal Officially Enables Crypto Trading for UK Customers DOT 5.99% Polkadot / USD DOTUSD $ 34.89
$2.095.99% Volume 1.81 b Change $2.09 Open $34.89 Circulating 987.58 m Market Cap 34.46 b 1 d It Isn’t Layer 1 or Layer 2, It’s Time for LayerZero 4 d Solana (SOL) Dominating Institutional Interest, Accounting for Over 86% of the Total Inflows 5 d More than 65% of South Korean Crypto Exchanges to Shut Down Once FSC Deadline Hits ALGO 8.16% Algorand / USD ALGOUSD $ 2.07
$0.178.16% Volume 808.64 m Change $0.17 Open $2.07 Circulating 5.39 b Market Cap 11.15 b 1 d Visa’s Head of Crypto Inquires About Solana (SOL), PayPal Officially Enables Crypto Trading for UK Customers 2 d Skybridge Capital Announces Intentions For Algorand (ALGO) Crypto ETF 1 w Crypto Market Update: Sentiments Remain in “Fear” as Traders Go Short After the ‘Buy the Dip’ Opportunity
What a Week for Solana
This announcement is yet another show of support from major institutional players as SOL’s profile grows. The coin has been growing in adoption within developer’s circles for a while. Institutional investors are also taking note. According to last week’s Digital Asset Fund Flows Weekly issue from crypto investment firm CoinShares, institutional inflows to SOL-based products stood at $13.2 million last week. – a jump of 388 percent.
CoinShares added that the inflows to Solna-based products have doubled so fr year-to-date, with the asset absorbing $25 million in 2021 so far. This number could rise even higher, as Delta Exchange announced earlier this week that it had launched options trading for the coin. Investors can now purchase options calls on SOL with daily maturities, although weekly and monthly maturities are expected to be rolled out subsequently.
Besides, investors are still waiting for the Solana Investment Trust announced by Grayscale Investments back in June. Grayscale is the industry’s largest asset management firm, and support for Solana should increase the asset’s credibility among institutional investors even more.