Grayscale Launches New Smart Contract Fund With Cardano, Solana, Avalanche and More

Digital asset investment giant is set to launch a new fund focused on a line-up of the most prominent smart contract platform cryptocurrencies.

Grayscale says the new fund reflects an ongoing demand for “diversified exposure to crypto protocols leveraging decentralized smart contract technology.”

“Investor demand for diversified exposure has grown in parallel to the ongoing evolution of the crypto ecosystem,” said Grayscale CEO Michael Sonnenshein.

“Smart contract technology is critical to the growth of the digital economy, but it’s still too early to know which platform will win – from attracting and retaining the most vibrant developer communities, to ensuring the platform is high-speed, flexible, and scalable. The beauty of GSCPxE is that 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.”

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As of March 16th, GSCPxE is heavy in Cardano (ADA) and Solana (SOL) with a 24.63% and 24.27% allocation respectively. The remainder of the fund is as follows:

Avalanche (AVAX), 16.96%
Polkadot (DOT), 16.16%
Polygon (MATIC), 9.65%
Algorand (ALGO), 4.27%
Stellar (XLM), 4.06%

Like Grayscale’s other products, the GSCPxE fund is only available to accredited investors in private placements, but the company plans on getting a public quotation for the secondary markets.

Grayscale is the largest digital asset manager in the world. As of December 31, 2021, the behemoth held $43 billion in assets under management, and that was after a deep correction in crypto markets. The firm is in possession of the biggest public stash of Bitcoin, with 654,000 BTC in the Grayscale Bitcoin Trust.