Grayscale has launched a new fund
The company has announced the launch of a new fund, the Grayscale Smart Contract Platform ex Ethereum Fund (GSCPxE). It offers clients exposure to Cardano (24.63%), Solana (24.27%), Avalanche (16.96%), Polkadot (16.16%), Polygon (9.65%), Algorand (4.27%), and Stellar (4.06%).To track the assets, the fund employs a CoinDesk indices index, with the portfolio's holdings weighted by market capitalization. The fund excludes Ether because Grayscale believes many investors are already invested in Ethereum, and it wants to provide investors with diversified exposure to the large number of alternative blockchains that have been launched in recent years.
"Smart contract technology is critical to the growth of the digital economy, but it's still too early to know which platform will win - from attracting and retaining the most vibrant developer communities to ensuring the platform is high-speed, flexible and scalable."- Michael Sonnenshein, CEO of Grayscale
This is not the company's first diversified fund
It is Grayscale's 18th investment product and third diversified fund offering is the fund. Its main product is the GBTC fund, which is designed to provide institutional investors with exposure to the price of Bitcoin. Its Decentralized Finance Fund and Digital Large Cap Fund are the other two diversified funds.Grayscale applied to the SEC last year to convert GBTC to an exchange-traded fund. It has since launched a campaign to persuade potential investors to approve the application. The SEC has for now rejected or deferred all applications for a spot Bitcoin ETF, but Grayscale's application is still pending and is expected to be addressed in July
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