Osprey Funds, a Tarrytown, New York-based digital asset management firm, has launched the Osprey Solana Trust for private placement.
What Happened: According to the company, the new offering is the first investment vehicle to offer exposure to Solana SOL/USD, the native token used on the Solana blockchain.
The Osprey Solana Trust is now available to accredited investors for subscription with a $10,000 minimum investment. The company stated that it intends to list the fund on the OTCQX market “as soon as possible” and also agreed to waive the management fee for investors until January 2023.
“The pedigree of the science and potential of the technology behind Solana is unique among current blockchains,” said Greg King, CEO of Osprey Funds. “Solana has the potential to become the rails of an integrated, decentralized financial network that establishes one global price for assets.
“With the debut of the Osprey Solana Trust, we are continuing to build onramps for investors to access what we believe are the most promising blockchain technologies,” King added.
What Else Happened: The Osprey Solana Trust is the fourth product launched by the company this year, following its Osprey Bitcoin Trust OBTC, Osprey Polkadot Trust and Osprey Algorand Trust.
Osprey Funds’ King recently predicted that a Bitcoin BTC/USD exchange-traded fund could become a reality as early as next year, although he had hoped it would have occurred much sooner.
“This is something that we've actually been involved with for a long time,” he said in a Yahoo Finance interview. “The parent company, the Osprey, filed for a Bitcoin ETF in 2017. So, we've been in dialogue with the SEC staff since then.
“And if a Bitcoin ETF is coming through the Gensler administration, my view is it's not going to happen this year. I think there are so many things on their plate, it's going to take them a while to assess the situation.”
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