Grayscale Investments has announced that it has launched a new product for the altcoin, given the stunning gains Solana has seen since the beginning of the year.
Grayscale Solana Trust, the 16th investment vehicle of the world’s largest digital currency asset manager, has been made available to individual and institutional investors. Crypto investors will now have the opportunity to invest in Solana without actually holding the asset.
Layer one protocol Solana is seen as a competitor to smart contract platform Ethereum, which struggles with high fees and slow transactions.
The native token, also called Solana, is currently the fourth-largest cryptocurrency with a market cap of over $64 billion and has generated more than 10,000% returns to its investors year-on-year.
As we recently reported, Solana has become the third asset to have an independent price tracker on Bloomberg terminal, after Bitcoin and Ethereum, the two largest cryptoassets by market cap. Bloomberg has partnered with Galaxy Digital to launch the Bloomberg Galaxy Solana Index.
Solana’s rapid rise can also be attributed to the support of prominent figures such as Sam Bankman-Fried, founder of crypto exchange FTX, who has said in the past that Solana has the capacity for mass adoption.