The latest issue of TapTools’ Weekly newsletter talked about Grayscale Smart Contract Platform Ex-Ethereum Fund (GSCPxE), which gives U.S. investors exposure to multiple major cryptocurrencies in the form of a security that they can own in a tax-sheltered account.
Grayscale Investments, which is one of the world’s largest digital asset managers, launched this fund on 22 March 2022, which made the new fund “Grayscale’s 18th investment product and third diversified fund offering.”
According to Grayscale’s press release, GSCPxE “provides investors with exposure to a selection of industry-leading Smart Contract Platforms through a market-capitalization weighted portfolio designed to track the CoinDesk Smart Contract Platform Select Ex ETH Index.”
Grayscale CEO Michael Sonnenshein had this to say back in March 2022:
“Investor demand for diversified exposure has grown in parallel to the ongoing evolution of the crypto ecosystem. Smart contract technology is critical to the growth of the digital economy, but it’s still too early to know which platform will win – from attracting and retaining the most vibrant developer communities, to ensuring the platform is high-speed, flexible, and scalable. The beauty of GSCPxE is that investors do not have to choose one winner, and instead can access the development of the smart contract platform ecosystem through a singular investment vehicle.“
As of 16 March 2022, the fund consisted of the following assets and weightings:
- Cardano (ADA), 24.63%
- Solana (SOL), 24.27%
- Avalanche (AVAX), 16.96%
- Polkadot (DOT), 16.16%
- Polygon (MATIC), 9.65%
- Algorand (ALGO), 4.27%
- Stellar (XLM), 4.06%
The fund is open for daily subscription by eligible individual and institutional accredited investors.
Here is some more information about the fund:
As of U.S. market close on 21 October 2024, the fund constituents were as follows:
As you can see, since the launch of the fund, $ADA’s allocation in the fund has increased from 24.63% to 26.06, and $ADA’s lead over the #2 constituent, which is $SOL, has increased from 0.36% to 4.2%.
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