Solana has been added to Grayscale’s digital currency fund, and the new SOL blockchain-based NFT has surpassed the network’s previous record.
Grayscale, an asset management firm with over $494 million in cryptocurrency equivalent Digital Large Cap, announced that Solana tokens now account for 3.24 percent of their total portfolio. The asset reallocation was made easier by the fund’s periodic rebalancing. To do so, firm executives sell their existing cryptocurrencies for cash and then buy tokens that appear most profitable and promising.
This list also contains the coins of UniSwap (UNI), a decentralized cryptocurrency exchange, which accounts for 1.06 percent of the Digital Large Cap Fund’s portfolio. In addition, UNI has a massive 45.20 percent of the Grayscale fund, which is dedicated solely to DeFi. It is followed by AAVE, which has a 14.11 percent market share. However, it appears that the corporation plans to liquidate its BCH and LTC holdings progressively. As a result, BCH, LTC, and LINK collectively represent 2.32 percent of the overall fund basket today, compared to 2.88 percent in July.
The latest quarterly rebalancing added 4.26 percent of Cardano tokens (ADA) to Grayscale’s portfolio, making them the company’s fund’s third-largest crypto asset. Cardano now owns 5.11 percent of the entire assets at the fund’s disposal after adjusting the figures. The equivalent of bitcoins and Ethereum tokens account for 62.19 percent and 26.08 percent of the Digital Large Cap Fund’s cash, respectively.
The business is gaining the attention of many organizations due to the effective management of crypto assets and their distribution. Morgan Stanley, for example, doubled its stake in the Grayscale Bitcoin Trust in July, purchasing around 58,116 shares through its Europe Opportunity Fund. Since April, shares have increased by 105 percent.
Shortly after Grayscale’s announcement, the SolanaMonkeyBusiness collection, powered by Solana, saw a record sale of NFTs. From a batch of 5,000 non-fungible tokens, SolMonkey #1355 was the most valuable. The price at the time of sale, according to HowRare.Is, was 13,027 SOL, which is nearly $2.1 million. Simultaneously, the first NFT based on the SOL blockchain was sold for more than $1 million barely three weeks ago.
This gave Ethereum even another cause to be concerned about losing its supremacy in the non-fungible token market. As a result, users are progressively looking for alternate networks, especially for NFT minting, as market conditions force them. The Solana token, which hit an all-time high of $214.96 on September 9th, was one of the finest selections.
So far, the token’s growth has slowed marginally, but for how long? Its current Huobi value is $159.15, and the cryptocurrency’s market capitalization exceeds $47 billion.