Galaxy Digital and Bloomberg launch landmark Galaxy Solana funds

Known as the “bridge between the crypto and the institutional worlds”, Galaxy Digital will offer passively managed funds that aim to track the performance of the newly-launched ‘Bloomberg Galaxy Solana Index (SOL)’.

The ‘Galaxy Solana Funds’  invest directly in Solana and seek to “mitigate the complexities of investing in digital assets” by providing investors with an array of passively managed financial services including custodial services fulfilled by Coinbase and “outsourced trading”.

Focused mainly on providing “institutional-quality exposure” to the asset, the minimum investment in the fund is $250k according to Galaxy.

“The crypto economy is on an exciting growth trajectory, and we’re meeting the opportunity by thoughtfully expanding our product suite to provide access to the institutional-grade portion of the digital asset class,” said Steve Kurz, Global Head of Asset Management at Galaxy Digital.

“Solana has a compelling use case, a strong technological foundation, and is of increasing interest to crypto investors.”

Solana’s native token, SOL, currently sits at number five in the market cap rankings according to CoinGecko and has seen yearly gains of over 10,000% following an incredible rally to an all-time high of $259 in early November.

The blockchain also has a total value locked (TVL) of over $10bn worth of assets across its DeFi ecosystem.

Solana has also been adopted by other institutionally focused asset managers such as Grayscale, who introduced a single-asset ‘Solana trust‘ last month.