Grayscale Investments announced on Tuesday that it launched a new crypto trust for Solana. This development means that accredited investors will now be able to get exposure to the fifth-largest cryptocurrency by market capitalization. However, they will do this without actually holding the underlying asset, which significantly reduces custody-linked risks.
Grayscale chief executive officer Michael Sonnenshein weighed in on this development. Sonnenshein stated that Grayscale introducing a Solana crypto trust is part of a broader effort by the company to keep up with the crypto ecosystem. As he put it:
“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.”
Furthermore, the addition of the trust now brings Grayscale’s family trust suite count up to 16. However, the most preeminent of the lot still remains the Bitcoin trust which currently has a staggering $35 billion under management.
Solana is a high-throughput blockchain that rivals Ethereum in so many ways, sometimes colloquially referred to as the ‘Ethereum Killer.’ Over time, Solana has reined in Ethereum’s market share by offering far cheaper gas fees to users. In addition, its native token SOL has risen to become one of the best-performing digital currencies of the year. SOL is up by more than 1,000% since the beginning of April.
