Asset manager Grayscale has just made official the creation of a fund for the Solana blockchain SOL. SOL is the 16th cryptocurrency to make its way into the ranks of the institutional-focused platform, which now manages the equivalent of more than $52 billion.
Solana’s SOL lands at Grayscale
The behemoth Grayscale, which specialises in institutional crypto asset management, has just created a fund for the Solana blockchain SOL. The announcement was made on Twitter, via a short video
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
When looking at other funds offered by Grayscale, it is not so surprising that the company decided to create a fund for SOL. The Solana blockchain-native cryptocurrency thus joins funds for Bitcoin (BTC), Ether (ETH), Decentraland’s MANA, Filecoin’s FIL or the Brave crypto-browser BAT.
Over the past 8 years, Grayscale has been at the forefront of providing investors with effective exposure to the ever-evolving cryptocurrency ecosystem,” said Michael Sonnenshein, CEO of Grayscale.
Michael Sonnenshein added that Grayscale’s product family will continue to grow over time. In addition to creating specific funds for new crypto-currencies, Grayscale could unsurprisingly offer new investment vehicles to institutional investors.
In the minds of many investors, there is a continued appetite to invest in Solana,” concludes Michael Sonnenshein. “In some ways, it’s a more profitable blockchain [than Ethereum], and today we see over 500 decentralised applications and about 1.2 million monthly active users on the network. When you take a step back, and see how quickly this blockchain has been able to scale, it’s certainly quite impressive.
On the way to the top 3 capitalizations
Solana’s SOL, which at the time of writing is the 5th most capitalised cryptocurrency on the market at nearly $66 billion, has indeed seen a pharaonic rise since the beginning of 2021.
In addition, the ecosystem of this fast and low-cost blockchain has developed rapidly. Between decentralised applications (dApps), non-fungible tokens (NFTs) and video games using the blockchain, Solana is gradually accumulating users from other blockchains, notably Ethereum.
Grayscale has given SOL a significant boost, and it now has even greater exposure to US institutional investors.
Will this be enough for SOL to climb to 3rd place among the most capitalised cryptocurrencies and dethrone Binance’s BNB? Answer, perhaps, in the coming weeks.
