Grayscale Investments is the largest digital currency asset manager by assets under management (AUM). It has launched a smart contract fund made up of ethereum rivals. The fund called “GSCPxE” holds seven different smart contract coins and it’s Grayscale’s 18th investment product to date.
Grayscale Launches GSCPxE — Fund Holds Cardano, Solana, Avalanche, Polkadot, Polygon, Algorand, Stellar
Grayscale Investments has announced another fund that covers the landscape of smart contract tokens, but leaves the largest smart contract token ethereum (ETH) out of the equation. The new Grayscale fund is called the “Smart Contract Platform Ex-Ethereum Fund” or “GSCPxE.” Essentially, smart contracts allow users to program operations on blockchains and data shows the market valuation of all the smart contract platform coins today is $669 billion. Of course, ethereum (ETH) is the largest smart contract platform coin, as its market cap of $360 billion represents 53. 81% of the entire $669 billion.
Grayscale announced Tuesday that the fund now has seven smart contract platform coins. The tokens added to the GSCPxE fund include cardano (ADA), 24. 63%, solana (SOL), 24. 27%, avalanche (AVAX), 16. 96%, polkadot (DOT), 16. 16%, polygon (MATIC), 9. 65%, algorand (ALGO), 4. 27%, and stellar (XLM), 4.06%. While GSCPxE is the company’s 18th investment product, the Smart Contract Platform Ex-Ethereum Fund is also Grayscale’s third diversified fund offering.
Grayscale CEO – ‘Investors Demand Diversified Exposure has Grown ‘
The digital currency asset manager said that the fund is now available to qualified individuals and institutionally accredited investors. Grayscale also disclosed that the holdings or weightings could change. GSCPxE will also leverage the Coindesk Smart Contract Platform Select Ex ETH Index, Grayscale’s announcement on Tuesday details. Grayscale CEO Michael Sonnenshein stated Tuesday in a statement to Bitcoin.com News, that digital currency diversification is growing.
“Investors have been requesting diversified exposure in tandem with the evolution of the crypto market,” Sonnenshein stated. “Smart contract technology is crucial to the growth and sustainability of the digital economy. However, it is still too early to predict which platform will win. This includes attracting and keeping the most active developer communities and making sure the platform is scalable, flexible, high-speed, and flexible. Grayscale’s CEO said that GSCPxE has the advantage of allowing investors to access the development of smart contract platforms through a single investment vehicle.
Grayscale’s new GSCPxE follows the company’s consideration of adding 25 more crypto assets for investment products at the end of January. The digital currency asset manager’s current AUM with all of its investment products is worth close to $40 billion using today’s cryptocurrency exchange rates. Additionally, the digital currency manager launched the Grayscale Future of Finance ETF (GFOF) with Bloomberg during the first week of February.
Jodie Gunzberg (CFA) and managing director of Coindesk Indices highlighted the rising demand for digital currency diversification during the GSCPxE fund’s announcement. “Many investors allocated to ETH given its explosive growth over the past year, so now there is demand to get exposure across the rest of the Smart Contract Platform sector,” Gunzberg said.
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Algoran, Algorand, Avalanche, Cardano, crypto fund, digital currency manager, Ethereum, Ethereum (ETH), fund, Future of Finance ETF, GFOF, grayscale, Grayscale Investments, Grayscale smart contract, Grayscale’s CEO, GSCPxE, Jodie Gunzberg, Michael Sonnenshein, Polkadot, Polygon, Smart Contract Platform Ex-Ethereum Fund, Smart Contracts, Solana, Stellar
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Jamie Redman
Jamie Redman, the News Lead at Bitcoin.com News, is a Florida-based financial journalist. Redman has been an active member of the cryptocurrency community since 2011. Redman is passionate about Bitcoin, open-source codes, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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