Grayscale Adds Solana to $494M Digital Large Cap Fund

The asset manager’s bitcoin-heavy fund allocated 3.24% to SOL Friday.

AccessTimeIconOct 1, 2021 at 11:29 p.m. UTC
Updated Oct 4, 2021 at 1:22 p.m. UTC

Danny is CoinDesk's deputy business editor. He owns BTC, ETH and SOL.

Grayscale added Solana’s namesake token and the decentralized finance token of Uniswap to its large-cap crypto fund Friday.

  • The company, a subsidiary of CoinDesk parent Digital Currency Group, said in a statement its $494 million Digital Large Cap Fund closed Friday with a 3.24% SOL position.
  • It “is the first time Solana (SOL) will be included in a Grayscale investment vehicle,” the statement said. It called the move part of a quarterly rebalancing.
  • SOL is now the fourth-largest holding of a fund dominated by bitcoin. SOL gave back some gains late Friday but remained near session highs – a tick south of $160.
  • The fund also added decentralized exchange Uniswap’s native token UNI. The token will make up around 1% of the overall fund.

Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Danny is CoinDesk's deputy business editor. He owns BTC, ETH and SOL.

CoinDesk - Unknown

Danny is CoinDesk's deputy business editor. He owns BTC, ETH and SOL.

Trending

1
CoinDesk - Unknown
Three Arrows Paper Trail Leads to Trading Desk Obscured Via Offshore Entities

As Three Arrows Capital collapsed under market pressure, its much-lesser known trading desk, TPS Capital, remained active, sources say. But a complex ownership structure might frustrate creditors' efforts to collect.

CoinDesk - Unknown
2
CoinDesk - Unknown
June Was Bitcoin’s Worst Month Ever

Plus, European crypto regulation comes into view.

CoinDesk - Unknown
3
CoinDesk - Unknown
What Traders Are Saying About Bitcoin's Biggest Monthly Loss in 11 Years

Poor macroeconomic sentiment, fears of inflation and systemic risks from the crypto market pushed the cryptocurrency below 2017’s highs.

CoinDesk - Unknown
4
CoinDesk - Unknown
Three Arrows Capital Files for Bankruptcy in New York Tied to British Virgin Islands Proceeding

A British Virgin Islands court ordered Three Arrows' BVI branch into liquidation earlier this week.

CoinDesk - Unknown