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Galaxy, Bloomberg Debut Solana Fund for Institutional Investors

Last month’s debut of a SOL price index set the stage for this fund’s launch.

Updated May 11, 2023, 7:13 p.m. Published Dec 15, 2021, 1:00 p.m.

Galaxy founder Mike Novogratz (Amir Hamja/Bloomberg via Getty Images)

Galaxy Digital on Wednesday said it will launch a crypto fund for Solana, the high-speed blockchain whose native token SOL has soared in value this year.

The crypto conglomerate said Galaxy Solana Funds will target “institutional investors.” Its release trails two weeks behind Grayscale’s announcement that it plans to do the same. Grayscale is a sister company of CoinDesk through parent DCG.

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Galaxy and Bloomberg set the stage for this fund’s launch with their creation of a Solana index one month ago. Indeed, the new fund seeks to track the performance of that index, the companies said.

Investors must pitch a minimum of $25,000, according to Galaxy’s website. It said Coinbase will custody the coins.

Galaxy Fund Management handled $3.4 billion in assets across over 20 funds as of Nov. 30. BTC$107 305,13 and ether ETH$3 904,64 are the only other assets with single-token funds, making SOL the third with that distinction.