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Grayscale Launches Solana As Its 16th Product, CEO says Investors Increasingly Diversifying Beyond Bitcoin and Ethereum

Solana (SOL)

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 1.64% Bitcoin / USD BTCUSD $ 58,375.23
$957.351.64%
Volume 34.98 b Change $957.35 Open $58,375.23 Circulating 18.89 m Market Cap 1.1 t
36 min Bitcoin ETF: Grayscale Pushes Back Against SEC’s “Capricious” Behavior, Fidelity Bypass US to Launch Spot ETF in Canada 3 h Bitcoin Lags as Ether OI Aims for a New ATH as ETH/BTC Surpasses 0.08 3 h Grayscale Launches Solana As Its 16th Product, CEO says Investors Increasingly Diversifying Beyond Bitcoin and Ethereum
ETH 2.06% Ethereum / USD ETHUSD $ 4,700.26
$96.832.06%
Volume 26.63 b Change $96.83 Open $4,700.26 Circulating 118.56 m Market Cap 557.29 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.

AnTy

AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

James Mackreides
'Mac' is a short tempered former helicopter pilot , now a writer based in Sofia, Bulgaria. Loves dogs, the outdoors and staying far away from the ocean.

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