The world’s largest digital asset manager just announced the launch of a single-asset investment product exposing its holders to Solana (SOL) – and support for more Ethereum competitors may be imminent.
In a press release, Grayscale announces the new Solana Trust, which will join its other 13 single-asset crypto investment products.
“The Trust is solely and passively invested in Solana (SOL), the native token of the Solana network, a smart contract platform first conceived in a 2017 whitepaper. Like the Ethereum network, the Solana network is one of a number of projects intended to expand blockchain use beyond just a peer-to-peer money system.”
In addition to Solana, the crypto management firm says it’s now taking a close look at whether it will add support for the smart contract platforms Terra (LUNA) and Avalanche (AVAX).
Both assets have had breakout years in terms of price and adoption, with LUNA rising from $0.66 at the start of 2021 to its current price of 58.66.
In the same time frame, AVAX has shot from $3.37 on January 1st to its current price of $120.70.
Grayscale CEO Michael Sonnenshein says that investors are increasingly looking to expand their portfolios beyond the Bitcoin (BTC) and Ethereum (ETH) staples.
“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.”
According to the press release, the Grayscale Solana Trust is the sixteenth crypto investment product from Grayscale. Other single-asset investment products include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Decentraland (MANA) and Filecoin (FIL).
Grayscale also offers a Digital Large Cap Fund, an investment product exposing investors to the upper 70% of digital assets by market cap.
Earlier this month, Grayscale recorded nearly $60 billion in assets under management.