Grayscale Investments Launches Smart Contract-Focused Diversified Fund

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The largest digital currency asset manager in terms of assets under management (AUM), Grayscale Investments has announced the launch of a smart contract fund composed of ethereal competitors. The fund called “GSCPxE” has seven different smart contract coins and is Grayscale’s 18th investment product to date. Grayscale launches GSCPxE — Fund holds Cardano, […]

The largest digital currency asset manager in terms of assets under management (AUM), Grayscale Investments has announced the launch of a smart contract fund composed of ethereal competitors. The fund called “GSCPxE” has seven different smart contract coins and is 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 smart contract token landscape, but excludes the largest smart contract token ethereum (ETH). The new Grayscale fund will be called the “Smart Contract Platform Ex-Ethereum Fund” or “GSCPxE”. Essentially, smart contracts allow users to program operations on blockchains and data shows that the market value of all smart contract platform coins today is $669 billion. Of course, Ethereum (ETH) is the largest coin for smart contract platforms as its market cap of $360 billion represents 53.81% of the total $669 billion.

Grayscale’s announcement on Tuesday notes that there are seven smart contract platform coins in the fund. The tokens added to the GSCPxE fund are cardano (ADA), 24.63%, solana (SOL), 24.27%, avalanche (AVAX), 16.96%, polkadot (DOT), 16.16 %, polygon (MATIC), 9.65%, algorithm (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: ‘Investor demand for diversified exposure has grown’

The digital currency asset manager says the fund is now open to eligible individuals and institutional accredited investors. As for the current fractions of smart contract platform coins, Grayscale also reveals that the holdings and weights may change. GSCPxE will also leverage the Coindesk Smart Contract Platform Select Ex ETH Index, Grayscale’s announcement on Tuesday. Grayscale CEO Michael Sonnenshein explained in a statement to Bitcoin.com News on Tuesday that the diversification of digital currencies has increased.

“Investor demand for diversified exposure has grown in parallel with the ongoing evolution of the crypto ecosystem,” explains Sonnenshein. “Smart contract technology is critical to the growth of the digital economy, but it’s too early to know which platform will win – from attracting and retaining the most vibrant developer communities to ensuring the platform is fast, flexible and scalable. is. The great thing about GSCPxE is that investors don’t have to pick one winner, and instead can access the development of the smart contract platform ecosystem through a single investment vehicle,” added Grayscale’s CEO.

Grayscale’s new GSCPxE follows the company’s consideration of adding 25 additional crypto assets for investment products by the end of January. The current AUM of the digital currency asset manager with all of its investment products is worth nearly $40 billion using current cryptocurrency exchange rates. In addition, the digital currency manager launched the Grayscale Future of Finance ETF (GFOF) with Bloomberg in the first week of February.

During the announcement of the GSCPxE fund, Jodie Gunzberg, the CFA and managing director at Coindesk Indices, further emphasized that the demand for digital currency diversification is increasing. “Many investors have been allocated ETH due to the explosive growth of the past year, so now there is demand for exposure to the rest of the Smart Contract Platform sector,” Gunzberg said.

What do you think of the Grayscale Smart Contract Platform Ex-Ethereum Fund? Let us know what you think about this topic in the comments section below.

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