Grayscale announces investments in Solana (SOL) and Uniswap (UNI)

2021-10-5 22:00

Institutional crypto asset manager Grayscale has announced its new investment in two different digital assets: high-speed blockchain Solana and DeFi protocol Uniswap. This was contained in a recent release concerning its quarterly rebalancing of funds. 

Grayscale invest in Solana and Uniswap

According to Grayscale, the rebalancing of funds would lead to the reduction of its portfolio in the largest crypto asset by market cap, Bitcoin and Litecoin. This newly raised capital would then be used to invest massively in SOL and UNI.

Interestingly, the new investment plan by the New York-based asset manager would be the first time it will be including Solana in any of its investment products.

As of press time, its investment in the “Ethereum killer” stands at 3.24 percent while its investment in the popular DeFi protocol is 1.06 percent.

Why Solana and Uniswap?

The attraction of Grayscale to Solana can be tied to its stellar performance in recent times which has seen its value rise to as high as $191 before retracing to its current value of around $160. 

Despite its recent drop in value, its blockchain has seen massive adoption and acceptance in the non-fungible token (NFT) market as it has recorded a number of successes. Just recently, the market capitalization of its NFTs hit $1 billion.

Uniswap, on the other hand, dominates Grayscale’s Defi fund. Presently, the native token of the decentralized exchange controls 45.20 percent of the fund.

Notably, the DEX is also one of the winners in China’s latest crackdown against crypto transactions, as it has enjoyed a number of new traders from the Chinese market which has propelled its value even higher.

Grayscale’s other crypto-investment

Grayscale crypto investment product is one of the most popular in the market as it allows investors to have exposure to the industry without necessarily holding the digital asset.

Its most popular crypto product is the Bitcoin Trust which is the largest in the world and has financial giants like Morgan Stanley and Cathie Wood’s Ark investing in it.

Other assets that make up its portfolio include Bitcoin Cash, Litecoin, Ethereum, Cardano, and DeFi protocols like Aave.

The post Grayscale announces investments in Solana (SOL) and Uniswap (UNI) appeared first on CryptoSlate.

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Grayscale Large Cap Fund Adds Solana (SOL) and Uniswap (UNI)

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