Grayscale replenishes portfolio with SOL, and Solana-based NFT breaks records
Grayscale announced the addition of Solana to its digital currency fund, and the new SOL blockchain-based NFT has managed to surpass the network's previous record.
Asset management firm Grayscale, which already has over $494 million in cryptocurrency equivalent Digital Large Cap, said that Solana tokens now hold 3.24% of their total portfolio. The reallocation of assets was facilitated by the quarterly rebalancing of the fund. To do this, company representatives sell existing cryptocurrencies from their portfolio for cash and then purchase tokens that seemed to them the most profitable and promising. In addition to Solana, this list also includes the coins of the decentralized cryptocurrency exchange UniSwap (UNI), which occupy 1.06% of the Digital Large Cap Fund portfolio. In parallel with this, in the Grayscale fund, allocated specifically for DeFi, UNI holds a whopping 45.20%. It is followed by AAVE with a share of 14.11%. But the company, apparently, intends to gradually liquidate its stocks of BCH and LTC. Today BCH, LTC, and LINK account for a total of 2.32% of the total fund basket, although in July they were allocated 2.88%.
The previous quarterly rebalancing added 4.26% of Cardano tokens (ADA) to the Grayscale portfolio, making them the third-largest crypto asset in the context of the company's fund. Now, after adjusting the amounts, Cardano takes an even larger share of 5.11% of the total assets at the fund's disposal. The lion's share of the Digital Large Cap Fund's cash is still held in the equivalent of bitcoins and Ethereum tokens, 62.19% and 26.08%, respectively.
The competent management of crypto assets and their distribution is attracting the attention of an increasing number of institutions to the industry. For example, Morgan Stanley doubled its investment in the Grayscale Bitcoin Trust, purchasing about 58,116 shares of the trust as of July through its own Europe Opportunity Fund. The growth of shares since April amounted to 105%.
Shortly after the news from Grayscale, there was a record sale of NFTs from the SolanaMonkeyBusiness collection, powered by Solana. The most valuable was SolMonkey #1355 from a set of 5,000 non-fungible tokens. According to HowRare.Is, its price at the time of sale was 13,027 SOL, which is the equivalent of about $2.1 million. At the same time, the first NFT based on the SOL blockchain was sold just three weeks ago for an amount exceeding $1 million.
This, in turn, was another reason for Ethereum to worry about the loss of dominance in the non-fungible token industry. Market conditions are increasingly pushing users to look for alternative networks, including for NFT minting. One of the best options was the Solana token, which hit an all-time high of $214.96 on September 9th.
So far, the growth of the token has slightly slowed down, but for how long? Today, its value on Huobi is $159.15, and the market capitalization of the cryptocurrency exceeds $47 billion.
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