US-based investment firm Galaxy Digital announced Wednesday that it has launched an investment trust based on crypto-asset Solana.
Prior to this, Galaxy Digital had partnered with financial media outlet Bloomberg in November to launch the Bloomberg Galaxy Solana Index. Per the announcement, the Solana Investment Trust will track the performance of the index.
The investment trust is designed for institutional investors, with a minimum investment of $250,000 required from them. Crypto exchange Coinbase will serve as the custodian.
In addition to Solana, Galaxy Digital also offers Bitcoin (BTC) and Ethereum (ETH) single-token investment trusts, crypto index funds, and DeFi index funds, adding up to over $3.4 billion in assets under management.
Steve Kurz, Global Head of Asset Management at Galaxy Digital, said:
“The crypto economy is on an exciting growth trajectory, and we’re meeting the opportunity by thoughtfully expanding our product suite to provide access to the institutional-grade portion of the digital asset class. Solana has a compelling use case, a strong technological foundation, and is of increasing interest to crypto investors.”
A similar investment trust, called Grayscale Solana Trust, was launched by Grayscale Investments in November.