Grayscale’s New Fund Includes Cardano ($ADA) and Solana ($SOL) as Top Holdingsadmin
Cryptocurrency asset manager Grayscale Investments has launched a new fund offering investors exposure to a variety of smart contract networks other than Ethereum ($ETH). The fund has Cardano ($ADA) and Solana ($SOL) as its top holdings.
According to available data, the Grayscale Smart Contract Platform ex Ethereum Fund (GSCPxE) holds tokens of alternative smart contract networks, including those mentioned above as well as Polkadot ($DOT), Polygon ($POLY), Algorand ($ALGO), Avalanche ($AVAX) and Stellar ($XLM).
Notably, its top holding is ADA, which represents 25.35% of the funds, and it’s followed by Solana at 23.3%. Behind it is Avalanche with 18.4%, and Polkadot with 15.4%.
The allocation is notable and comes at a time in which transaction volumes on the Cardano network have been surging, along with the total value locked on its decentralized finance (DeFi) protocol. Recently, Cardano surpassed Kusama in terms of total value locked.
Earlier this month Charles Hoskinson, co-founder, and CEO of IO Global, the company responsible for Cardano’s research and development, suggested “we ain’t seen nothing yet” when it comes to TVL on Cardano, as several projects are waiting for the Vasil hard fork combinator (HFC) event, which is expected to take place in June.
According to Grayscale CEO Michael Sonneshein, the GSCPxE fund enables investors to bet on a variety of developing platforms instead of betting on one emerging as the primary venue for DeFi and decentralized applications.
The fund’s holdings are weighted by market capitalization. Last year, Grayscale rebalanced its Digital Large Cap Fund (GDLC) to add a new ADA component to it, allowing investors to get exposure to the cryptocurrency after it moved up over 1,000% in 12 months.
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