Crypto asset management firm Osprey Funds has launched a Solana trust product for private placement.
The product will offer exposure to SOL, the native token used on the Solana blockchain. Osprey said it is the first investment product in the U.S. to invest exclusively in SOL. Osprey rival Grayscale recently said it is exploring to launch a trust product tied to SOL but has yet to launch one.
The Osprey Solana fund is currently available to accredited investors for subscription with a $10,000 minimum investment. The asset manager said it intends to pursue listing the fund on the OTCQX over-the-counter market "as soon as possible" and has also waived the 2.5% management fee for all investors until January 2023.
Osprey Funds continues to expand its offerings. The firm currently offers products tied to bitcoin (BTC), Polkadot's DOT, and Algorand's ALGO tokens.
The Solana product comes at a time when the token's price has skyrocketed to nearly $200 from below $50 a month ago. SOL is seeing interest from both retail and institutional investors, as The Block reported recently.