Crypto asset management firm Grayscale has launched a Solana trust product for accredited investors via private placement.
The product will offer exposure to SOL, the native token used on the Solana blockchain. The launch comes two months after Grayscale rival Osprey Funds launched a Solana trust product.
Ethereum rival Solana is getting popular among decentralized finance (DeFi) projects. The price of its native token SOL has skyrocketed in recent months from $50 to over $200 currently as the blockchain has gained traction and SOL’s demand has shot up from retail and institutional investors.
Grayscale Solana Trust is the firm’s sixteenth product in its suite of investment offerings. Its other single-asset products offer exposure to bitcoin (BTC), ether (ETH), chainlink (LINK), decentraland (MANA), filecoin (FIL) and other coins. Grayscale also offers thematic funds like Digital Large Cap Fund and DeFi Fund.
Some of Grayscale’s products are listed on the OTCQX over-the-counter (OTC) market. The firm said it might attempt to list the Solana trust and other new products on the OTC market.