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Cardano, Solana and Other Non-ETH Tokens the Focus of New Grayscale Smart Contract Fund
It’s the fund manager’s 18th investment product and third diversified fund offering.
Updated May 11, 2023, 6:00 p.m. Published Mar 22, 2022, 12:15 p.m.
Grayscale Investments unveiled its “Smart Contract Platform ex Ethereum Fund” on Tuesday, aiming to offer exposure to smart contract technology outside of the Ethereum blockchain.
- The fund, referred to as “GSCPxE,” will track the CoinDesk Smart Contract Platform Select Ex ETH Index, according to a statement.
- Current holdings are Cardano’s ADA with a 24.6% weighting, Solana’s SOL at 24.3%, Avalanche’s AVAX at 17%, Polkadot’s DOT at 16.2%, Polygon’s MATIC at 9.7%, Algorand’s ALGO at 4.3% and Stellar’s XLM at 4.1%.
- “Investor demand for diversified exposure has grown in parallel to the ongoing evolution of the crypto ecosystem,” said Grayscale CEO Michael Sonnenshein.
- Grayscale parent company Digital Currency Group is also the owner of CoinDesk, which is run as an independent subsidiary.
- The fund is currently only offered in a private placement to accredited investors, but as Grayscale has done for nine of its other investment products, the firm will seek to obtain a public quotation on the secondary markets, according to the statement.
Read more: SEC Requests Comments on Concerns About Grayscale's Spot Bitcoin ETF Proposal
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