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Cardano, Solana and Other Non-ETH Tokens the Focus of New Grayscale Smart Contract Fund

Cardano, Solana and Other Non-ETH Tokens the Focus of New Grayscale Smart Contract Fund

Cardano, Solana and Other Non-ETH Tokens the Focus of New Grayscale Smart Contract Fund

It’s the fund manager’s 18th investment product and third diversified fund offering.

It’s the fund manager’s 18th investment product and third diversified fund offering.

It’s the fund manager’s 18th investment product and third diversified fund offering.

By Michael Bellusci
AccessTimeIconMar 22, 2022, 12:15 PM
Updated May 11, 2023, 6:00 PM
(NatalyaBurova/Getty images)
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Grayscale Investments unveiled its “Smart Contract Platform ex Ethereum Fund” on Tuesday, aiming to offer exposure to smart contract technology outside of the Ethereum blockchain.

  • The fund, referred to as “GSCPxE,” will track the CoinDesk Smart Contract Platform Select Ex ETH Index, according to a statement.
  • Current holdings are Cardano’s ADA with a 24.6% weighting, Solana’s SOL at 24.3%, Avalanche’s AVAX at 17%, Polkadot’s DOT at 16.2%, Polygon’s MATIC at 9.7%, Algorand’s ALGO at 4.3% and Stellar’s XLM at 4.1%.
  • “Investor demand for diversified exposure has grown in parallel to the ongoing evolution of the crypto ecosystem,” said Grayscale CEO Michael Sonnenshein.
  • Grayscale parent company Digital Currency Group is also the owner of CoinDesk, which is run as an independent subsidiary.
  • The fund is currently only offered in a private placement to accredited investors, but as Grayscale has done for nine of its other investment products, the firm will seek to obtain a public quotation on the secondary markets, according to the statement.

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Michael Bellusci

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

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GrayscaleSolanaCardanoAvalancheAlgorandPolygonStellar