Good news for Solana (SOL) owners! The altcoin will have its own trust fund. The world’s largest crypto asset manager Grayscale announced this today. The SOL price immediately responded well.
Grayscale Launches Solana Trust Fund
Grayscale announced this afternoon that it will launch the Grayscale Solana Trust fund. The fund will allow investors to gain exposure to SOL, the native crypto of the Solana ecosystem. Such a fund is especially interesting for large institutional investors.
They can invest in Solana through the fund without too much hassle. With the fund, Grayscale takes all concerns about tax requirements and other applicable laws and regulations off the investor’s hands. For example, the investor does not have to create a wallet and store the SOL itself.
The digital asset class is growing, and we’re expanding our offerings along with it! Gain exposure to $SOL, the native token of the @Solana network, through new Grayscale #Solana Trust. Learn more: https://t.co/QiT6u0xI7h pic.twitter.com/KAxRZAriRl
— Grayscale (@Grayscale) November 30, 2021
Grayscale is a huge player in digital asset investment funds. The company offers a huge amount of different funds and has a total of $52.7 billion in crypto under management. The largest fund is the Grayscale Bitcoin Trust fund, which has assets under management of a staggering $37 billion.
SOL Price is Climbing
Not long ago, SOL reached its current all-time high (ATH). At the beginning of November, the altcoin set a price of just under $260 but fell in value by 30% in the following weeks. The price started rising again for two days after the support zone held out near USD 200-180.
Once Grayscale broke the news, however, Solana got an extra push. On a nice volume peak, SOL rose a few percent. Should Solana be able to resume this trajectory and break the current resistance, at USD 240 we will find the next resistance for the bulls to break through.
Solana is a project on which smart contracts can be executed. According to crypto exchange FTX CEO Sam Bankman-Fried, Solana can do this so efficiently that he expects the network to be able to handle billions of people. You can read more about this in this article.