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Grayscale Investments launches Smart Contract-Focused Diversified Fund

Grayscale Investments is the largest digital currency asset manager (AUM) and has launched a smart contract fund made up of ethereum rivals. 

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Grayscale Investments launches Smart Contract-Focused Diversified Fund

Grayscale Investments' 18th investment product, the fund "GSCPxE", holds seven smart contract coins.

Grayscale Launches GSCPxE -- The Fund Holds Cardano and Solana, Avalanche. Polkadot. Polygon. Algorand. Stellar

Grayscale Investments announced a new fund that covers smart contract tokens but leaves out the largest smart contract token Ethereum. Grayscale's new fund is named the "Smart Contract Platform Ex Ethereum Fund" (GSCPxE). Smart contracts enable users to program on blockchains. Data shows that the market value of all smart contract platform coins is $669 million. Ethereum (ETH) has the largest market capital at $360 billion, which is 53.81% of the total $669 billion.

Grayscale announced Tuesday that the fund contains seven smart contract platform coins. The tokens that were added to the GSCPxE funds are cardano (ADA), 24.63% and solana (SOL), 24.27%, 16.16%, polygon(MATIC), 9.65%, algorand, ALGO, 4.27%, and star (XLM), 4.06%. Grayscale has three diversified funds, Smart Contract Platform Ex-Ethereum and GSCPxE.


 

Grayscale CEO: "Investor Demand for Diversified Exposition Has Grown"

According to the digital currency asset manager, the fund is now available to institutional accredited investors and eligible individuals. Grayscale also reveals that holdings and weightings may change. Grayscale announced Tuesday that GSCPxE will use the Coindesk Smartcontract Platform Select ETH index. Grayscale CEO Michael Sonnenshein explained Tuesday in a statement to Bitcoin.com News, that digital currency diversification is growing.

Sonnenshein stated that investors have been looking for diversification in the cryptocurrency ecosystem. 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 scalable. 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 is in line with the consideration to add 25 additional crypto assets for its investment products at January's end. With all its investment products, the digital currency asset manager's AUM is currently worth nearly $40 billion. Today's cryptocurrency exchange rates make this possible. In February, the digital currency manager also launched the Grayscale Future of Finance (GFOF), a new ETF that is partnered with Bloomberg.

Jodie Gunzberg (CFA, managing director at Coindesk Indices) highlighted the rising demand for digital currency diversification during the GSCPxE fund's announcement. Gunzberg stated that many investors have allocated ETH to the fund's explosive growth in the past year. Therefore, there is a demand for exposure to the Smart Contract Platform sector.


 

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