Grayscale Investments said on Tuesday it had launched a fund that tracked smart contract blockchain platforms apart from Ethereum. The fund will largely focus on popular and upcoming projects in the smart contracts space, with nearly half of its weighting made up by Cardano and Solana.
The new fund, called Grayscale Smart Contract Platform Ex-Ethereum Fund (GSCPxE), will track Coindesk’s Smart Contract Platform Select Ex ETH Index, the digital assets manager said.
Grayscale sees growing demand for crypto exposure
The asset manager cited growing investor demand for diversified crypto exposure as the reasoning behind the new fund. It will offer the new fund to individual and institutional traders.
Smart contract technology is critical to the growth of the digital economy, but it’s still too early to know which platform will win. (Through GSCPxE) investors do not have to choose one winner, and instead can access the development of the smart contract platform ecosystem through a singular investment vehicle.
-Grayscale CEO Michael Sonnenshein
Trending Stories
Cardano (ADA) and Solana (SOL) will make up about 49% of the fund. Avalanche (AVAX), Polkadot (DOT), Polygon (MATIC), Algorand (ALGO) and Stellar (XLM), will make up the remaining weightage.
Grayscale already has a fund dedicated to Ethereum. This is the firm’s first foray into non-ETH smart contract products.
Smart contracts are a class of program that operate automatically under certain conditions, and are a major factor in DeFi and Decentralized Autonomous Organizations.
Ethereum has also ballooned in popularity this year, ahead of the network’s hotly-anticipated shift to proof-of-stake status.
Move comes amid growing institutional interest in crypto
The fund, which is Grayscale’s 18th offering, highlights the growing presence of asset managers and hedge funds in crypto since late-2020. A large boom in crypto market capitalization last year has been largely attributed to institutional trading.
That momentum has carried over into this year. Recent data showed that nearly all of Bitcoin’s liquidity was comprised of large traders. More recently, Goldman Sachs became the first Wall Street Bank to offer over-the-counter crypto option trades, a product aimed largely at institutional clients.
- Bitcoin Mining Data Suggests More Price Dumps Ahead; Details
- This Bitcoin Bear Market Is Unlike Any Other, Here’s Why
- Here’s Why Shiba Inu Ecosystem Tokens’ Prices Are Shooting Up
- Goldman Sachs Likely to Raise $2 Billion To Acquire Celsius Assets, But Here’s the Catch
- Here’s Why SEC Chair Wants Single Rulebook For All Crypto Trading
- Huge Cardano Breakout Imminent After This Resistance Level?
- Shibarium To Launch Soon; How It Can Pump Shiba Inu Prices?
- Breaking: $78 Mln Of Stolen Harmony Protocol Funds Recoverable, Here’s How
- These Whales Added $986 mln Worth Of FTX tokens
- Just-In: Lido Proposes Limit On Ethereum Staking, Here’s Why
- Solana Price Analysis: SOL Price Rallying North With Eyes On $59
- XRP Price Analysis: Trendline Reversal Could Dump XRP Back to $0.3
- AXS Price Analysis: Rising AXS Price Aims To Reclaim $17.6 Mark
- Polygon Price Analysis: Can Trendline Breakout Lead MATIC to $0.75?
- ArbiSmart Price Analysis: RBIS Retests Multi-month Support; Buy this Dip?
- Waves Price Analysis: Emerging Pattern Threatens to Break $4.16 Support
- Apecoin Price Analysis: Trendline Fakeout Could Tumble APE by 25%
- Uniswap Price Analysis: Can Ongoing Recovery Carry UNI Price to $8?
- SHIB Price Analysis: $0.00001 Breakout Could Pump SHIB by 33%
- Graph Price Analysis: High Volume Reversal may Drive GRT to $0.15
