Grayscale Investments has added two new assets to its large-cap cryptocurrency fund which has seen significant demand. According to the investing firm, the addition of quickly expanding Solana [SOL] and prominent decentralized finance cryptocurrency Uniswap [UNI] was part of a quarterly rebalance.
Solana has seen significant growth over time, so it’s no surprise that investors are interested in the digital asset. Solana native token [SOL] has risen to be the seventh largest cryptocurrency by market capitalization of $47.54 billion, with a year-to-date return of 8,222 percent.
The Digital Large Cap Fund was made up of 3.24 percent Solana and 1.06 percent UNI. Bitcoin, which accounts for 62 percent of the fund, is followed by Ethereum, which accounts for 26 percent. The remaining coins are Cardano, Chainlink, Litecoin, and Bitcoin Cash.
By selling some of the company’s other holdings, the fund was able to purchase Solana and Uniswap. Since the latest rebalancing, Grayscale has reduced its Bitcoin allocation by around 5%.
The readjustment demonstrates how Solana has become a crypto market darling. The Solana blockchain competes with Ethereum’s blockchain in terms of speed and cost.
The price of Solana rose in tandem with its popularity. The price of the coin began to rise this summer, reaching a high of $191 in mid-September before dipping to its current level of $173.
Grayscale’s trusts provide a simple method for institutional investors to invest in Bitcoin without having to worry about custody.
Solana has a market capitalization of $51 billion, and the market capitalization of Solana-based NFTs recently surpassed $1 billion.