Crypto Giant Grayscale Exploring Two Ethereum Rivals After Launching Solana Support

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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 could be imminent.

In a press release, Grayscale announces the new Solana Trust, which will join its 13 other single-asset crypto investment products.

“The Trust is uniquely and passively invested in Solana (SOL), the native token of the Solana network, a smart contract platform first designed in a 2017 white paper. Like the Ethereum network, the Solana network is the ‘one of many projects to expand the use of blockchain beyond a simple peer-to-peer money system.

In addition to Solana, the cryptocurrency management company says it is now looking closely at whether it will add support for the Terra (LUNA) and Avalanche (AVAX) smart contract platforms.

Both assets have seen years of price disruption and adoption, with LUNA dropping from $ 0.66 in early 2021 to its current price of 58.66.

At the same time, AVAX went from $ 3.37 on January 1 to its current price of $ 120.70.

Grayscale CEO Michael Sonnenshein said investors are increasingly looking to expand their portfolios beyond the commodities Bitcoin (BTC) and Ethereum (ETH).

“Over the past eight years, Grayscale has been at the forefront of providing investors with effective exposure to the evolving digital currency ecosystem,

We have been at the forefront of mainstream acceptance and adoption of crypto and increasingly see investors diversifying their exposure beyond digital assets like Bitcoin and Ethereum.

According to the press release, Grayscale Solana Trust is Grayscale’s sixteenth crypto investment product. 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 top 70% of digital assets by market capitalization.

Earlier this month, Grayscale recorded nearly $ 60 billion in assets under management.

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Featured Image: Shutterstock / Atelier Sommerland

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