Asset Manager Osprey Launches Polygon Fund
The fund will invest in Polygon’s native token, MATIC.
Sep 21, 2021 at 7:13 p.m. UTCUpdated May 11, 2023 at 7:08 p.m. UTC
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Osprey Fund has introduced its fifth digital asset investment product – a Polygon trust that invests in MATIC, the native token of the Polygon network, the asset manager announced on Tuesday.
- “Polygon is a disruptive layer-2 technology that gains from Ethereum’s secure network while mitigating common blockchain pain points, such as high gas fees and slow transactions,” Greg King, CEO of Osprey, said in a press release. “We’re excited to offer investors a new way to tap into the growing Ethereum market via the Osprey Polygon Trust.”
- Osprey is a digital asset manager that’s part of a crop of new crypto funds aimed at serving institutional investors. Its Osprey Bitcoin Trust (OBT) is registered as an U.S. Securities and Exchange Commission reporting company and competes with the market-leading Grayscale Bitcoin Trust (GBTC), a fund that is owned by Digital Currency Group, CoinDesk’s parent company.
- Publicly traded crypto exchange Coinbase is serving as the fund’s custodian. Theorem Fund Services will be the fund administrator, and Grant Thornton will be its auditor.
- The trust is available to accredited investors with a $10,000 minimum investment, and Osprey plans to list the fund on the over-the-counter OTCQX exchange to remove fees on shares and open it up to retail investors.
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Nate DiCamillo is a business reporter at CoinDesk with a focus on banking and economics.