Source: Adobe / Aleksandra Sova
The largest digital asset investment company Grayscale launched a new solana (SOL) -supported regulated investment product in the US that gives more investors access to smart contracts and decentralized finance (DeFi).
The new product, known as the Grayscale Solana Trust, is already listed on the company’s website among Grayscale’s other digital investment products. According to the listing, the fund already manages USD 9.5 million and comes with an annual management fee of 2.5%.
The trust will “hold solely and passively the underlying asset” while assets for the trust will be raised through a regular private placement offering, Grayscale wrote in a new product announcement today. The Solana Trust is only available to accredited investors (institutional investors as well as some high net worth individuals) and also requires a minimum investment of USD 25,000.
Commenting on the new investment product to Forbes, Grayscale CEO Michael Sonnenshein said there was “a persistent appetite for investing in Solana” and that it was “a cheaper blockchain” than Ethereum (ETH).
“The interesting thing about Solana is that it gives users the opportunity to learn, experiment and build,” Sonnenshein is quoted as saying. “They generally have more budget to experiment with the protocol than some other more established blockchains like Ethereum because the transaction fees are lower.”
Solana’s native token has seen strong performance over the past year, with a year-to-date increase of more than 11,500%. The massive annual gains mean SOL has far outperformed all other major smart contract platform tokens this year, including Ethereum (ETH), Cardano (ADA), and Polkadot (DOT).
The strong performance of the Solana protocol native token was seen despite a few issues along the way, including a situation back in September this year that caused the entire network to go offline.
At 14:40 UTC, SOL was trading at $ 214, up 3% over the past 24 hours but down a little more than 10% over the past 7 days.
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Learn more:
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– Multi-Chain Future brings multiple competitors to Bitcoin & Ethereum – analysts
– Narratives blur as Bitcoin and Ethereum target each other’s field
– Solana founder on critical DeFi challenges and how to fix them
– Ethereum has to work harder to maintain its dominance in a multichain future
– Ethereum, Solana, Polygon & Co form a new hot market for blockchains
– The shares of MicroStrategy and Grayscale Bitcoin Trust are now competing with ETFs
– Grayscale officially begins the Bitcoin ETF journey
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