Grayscale has announced the launch of a new investment trust, based on Solana (SOL) crypto.
The digital asset class is growing, and we’re expanding our offerings along with it! Gain exposure to $SOL, the native token of the @Solana network, through new Grayscale #Solana Trust. Learn more: https://t.co/QiT6u0xI7h pic.twitter.com/KAxRZAriRl
— Grayscale (@Grayscale) November 30, 2021
Grayscale’s choice to add Solana into its portfolio will give SOL more visibility over high-net-worth institutional investors. Solana’s ecosystem attracted above 500 projects from DeFi, NFTs, Web 3.0, and other areas, with 1.2 million current users on the network.
According to the company, the fund will be passively managed. Fund participants will not be able to actively open and close positions to increase profits. Investment can be made in the SOL fund upon entry, and positions can be closed only when funds are withdrawn from the SOL trust.
The announcement said:
“The Trust is solely and passively invested in Solana (SOL). The Solana network is one of a number of projects intended to expand blockchain use beyond just a peer-to-peer money system. The Solana protocol introduced the Proof-of-History (PoH) consensus mechanism as an alternative to pure Proof-of-Stake (PoS) and Proof-of-Work (PoW) blockchains.”
Grayscale CEO Michael Sonnenshein said:
For the last eight years, Grayscale has been at the forefront of offering investors efficient exposure to the ever-evolving digital currency ecosystem. 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. Our family of Grayscale products will continue to expand alongside this exciting asset class, as we remain committed to offering investors opportunities to access the digital economy.”
Currently, the list of Grayscale investment products includes 13 funds. The Solana Trust will become the 14th such product.
The Solana project has received a significant boost in recent months. Back in August, the SOL coin was trading at $35, in September its price reached $170, and now the cryptocurrency is trading at $217.
In last month Solana outdid Cardano and Polkadot in monthly inflows totaling $43M from institutional investors. While the total value locked in Solana crossed $14 Billion. Paysafe services Skrill and NETELLER also added support for Solana in October.