A 7-on-1 game – The society Grayscale Investments specializes in exposure to Bitcoin (BTC) and cryptocurrencies with its rich institutional clients. It regularly increases its range of investment funds, whether they are targeted at a single crypto or on a basket of assets. It is precisely such a basket that is in the spotlight of the new Grayscale fund: it brings together several competitors ofEthereum (ETH) in the field of smart contract platforms (smart contracts).
Grayscale offers a fund made up of 7 “Ethereum-killers”
With its funds based on real hard bitcoin and crypto-assets, Grayscale Investments knew how to seduce the wealthy institutional whales who did not want not simply by-products indexed on the price of cryptos.
Beyond the essentials Bitcoin and EthereumGrayscale was quickly able to offer several altcoins to its clients, as well as themed multi-asset funds, for example on the decentralized finance (Challenge). Via a press release published on March 22, 2022, Grayscale announces the creation ofa new fundconsisting of a basket of crypto currencies.
Entitled ” Grayscale Smart Contract Platform Ex-Ethereum Fund » (GSCPxE) this new trust brings together 7 competitors of Ethereum in the now very competitive field of trading platforms. smart contracts and D’decentralized applications (dApps).
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Cardano and Solana perceived as main opponents of Ethereum by Grayscale
This new GSCPxE fund is already open the subscription of units for Grayscale customers. If it is dominated by projects Cardano (ADA) and Solana (SOL), the fund is made up of the following assets:
- Cardano (ADA), 24.6%
- Solana (SOL), 24.3%
- Avalanche (AVAX), 17%
- Polkadot (DOT), 16.2%
- polygon (MATIC), 9.7%
- Algorand (ALGO), 4.3%
- Stellar (XLM), 4.1%
“Investor demand for diversified exposure has grown alongside the continued evolution of the crypto ecosystem. (…) The technology of smart contracts is essential to the growth of the digital economy, but it is still too early to know which platform will win (…). The whole point of the GSCPxE fund is that investors don’t have to pick a winner, and can gain exposure to the development of the smart contract platform ecosystem through a single investment vehicle. »
Michael Sonnenshein, CEO of Grayscale
With over $36 billion of crypto-assets under its management, the parent company of Grayscale – the Digital Currency Group (DCG) – found the goose with the golden eggs. This probably explains the great optimism for the future of Barry Silbert’s cryptosCEO and founder of the DCG.
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