Grayscale Investments has launched a new cryptocurrency fund targeting smart contract platforms, but not Ethereum, according to the company’s press release.
Known as the Grayscale Smart Contract Platform Ex-Ethereum Fund or GSCPxE, the fund offers exposure to seven smart contract platforms.
Cardano carries the highest weight in the new product at 24.63%, followed by Solana at 24.27%, and Avalanche at 16.96%. Polkadot and Polygon come next with a weighting of 16.16% and 9.65%, respectively. Algorand and Stellar carry a weighting of 4.27% and 4.06%.
The digital asset manager said that the new fund is available for daily subscription by accredited investors.
The launch comes when alternative blockchain networks are growing, with Ethereum competitors claiming lower costs and higher transaction speeds. Ethereum’ dominance in the DeFi space has been falling, with the total value locked now at just 55.6%, down from 96% in January 2021.
Grayscale has over $36 billion in assets under management, making it the largest digital asset manager in the world. GBTC is up +4.37%.