Leading cryptocurrency money manager Grayscale Investments announced Tuesday that it had introduced a cryptocurrency trust for Solana, the fifth-largest cryptocurrency by market capitalization.
The newly launched investment vehicle makes it possible for accredited investors to gain exposure to the top "Ethereum killer" without actually holding the underlying asset, thus mitigating risks linked to custody.
CEO Michael Sonnenshein said that the company's suite of offerings continues to expand together with the broader crypt 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.
With the most recent addition, the Grayscale family is now comprised of 16 trusts. With $35.7 billion under management, the Bitcoin trust remains the company's crown jewel.
Solana, a high-throughput blockchain, has managed to chip away at Ethereum's share of the crypto market, taking advantage of the competitor's exorbitant gas fees that make the second-largest blockchain too expensive for the average Joe. Its native SOL token is up over 1,000% since the start of April, becoming one of the top-performing cryptocurrencies of the year.As reported by U.Today, FTX cofounder Sam Bankman-Fried recently said that Solana could possibly overtake Ethereum.
For now, such a scenario appears to be far-fetched since the former accounts only for 11% of the latter's massive $553 billion market cap.
Arman Shirinyan