Digital asset investment giant Grayscale is launching a new product offering exposure to one of the hottest digital assets today, Solana.
The Solana Trust will be the 16th offering in Grayscale’s expanding product line that caters to institutional and high-net worth investors.
“In many investors' minds, there's a continued appetite to invest in Solana,” says Grayscale CEO Michael Sonnenshein. “In some sense, it is a more cost-effective blockchain [than Ethereum], and today we are seeing over 500 decentralized apps and about 1.2 million monthly active users on the network. When you kind of take a step back, and you see how quickly it has been able to ramp up, it's certainly pretty impressive.”
“What's been interesting about Solana is that it gives users the ability to learn, experiment, and build. They generally have more budget to experiment on the protocol than some other more established blockchains like Ethereum, because of lower transaction fees.”
Grayscale will require a $25,000 minimum investment, charging its standard 2.5% management fee. On the other hand, New York-based Osprey Funds offers a similar product, launched this past September, with a $10,000 minimum. It is waiving its 2.5% fee until at least January 2023.