Grayscale launches Solana (SOL) trust

Tue 30 Nov 2021 ▪ 21h08 ▪ 3 min read — by Katie Donaldson

Grayscale Investments, the largest cryptocurrency fund in the world, has just announced the launch of its brand new trust, providing investors with exposure to Solana, the native token used on the Solana blockchain.

Grayscale continues to expand its product line

The firm’s sixteenth investment vehicle allows individual and institutional accredited  investors to put their money into SOL. The trust currently has $9.5 million (~£7.15 million) under management.

Grayscale CEO Michael Sonnenshein made sure to comment on the news. 

“For the last eight years, Grayscale has been at the forefront of offering investors efficient exposure to the ever-evolving digital currency ecosystem,” he 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 (BTC) and Ethereum (ETH). 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.” 

The firm has noted the growing interest in Solana among investors, as well as in expanding their portfolio. Grayscale has introduced funds dedicated to Basic Attention Token (BAT), Chainlink (LINK), Livepeer (LPT), Decentraland (MANA), and Filecoin (FIL) in 2021 alone.

Several of those are listed on the OTCQX over-the-counter (OTC) market. According to the press release, the company might attempt to list the Solana trust and other new products on the OTC market.

Of course, everybody expects Solana to outperform other cryptocurrencies. Grayscale adding Solana into its service portfolio will allow SOL more visibility among more high-net-worth and institutional investors. The cryptocurrency sees new DeFi projects raise millions of dollars weekly. 

The SOL network attracted over 500 decentralised finance projects, including non-fungible tokens (NFTs), Web 3.0, and other sectors. There are more than 1.2 million active users on the network.

On 30th November, the SOL price crossed above $215; the token was $1.84 at the beginning of the year. The net worth of total SOL tokens in circulation is more than $65 billion (~£49 billion) now; the cryptocurrency is right behind Binance Coin’s (BNB) $104 billion (~£78 billion). 

Digital asset investment giant Grayscale Investments will offer exposure to SOL through its new investment product, the Grayscale Solana Trust, the sixteenth product in Grayscale’s expanding product line.

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Katie Donaldson

I went full time crypto back in June 2018, and have never looked back. I want to help persuade as many people as possible to come and build the decentralised future! Let’s go!

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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