Galaxy Digital Launches Fund Tied To Bloomberg Galaxy Solana Index

Galaxy Digital Holdings Ltd. (TSX: GLXY) announced today the launch of Galaxy Solana Funds. The fund is set to track the performance of the recently launched Bloomberg Galaxy Solana Index.

The index was launched in November 2021 by Bloomberg Index Services Limited and co-branded with the company’s funds platform Galaxy Fund Management. This benchmark tracks the price of crypto asset Solana which currently “ranks the fifth-largest digital asset by market capitalization at US$48 billion,” according to the investment firm.

This is the fifth index issued by Galaxy and Bloomberg after Bloomberg Galaxy Crypto Index, Bitcoin Index, Ethereum Index, and Defi Index–making Solana the third cryptocurrency with a sole price tracker. The index is accessible via Bloomberg Terminal under the symbol “SOL”.

Claimed as the “world’s fastest programmable blockchain”, Solana can handle up to 50,000 transactions per second. Galaxy Solana Funds is meant “to provide institutional investors access to returns based on the performance of Solana.”

Galaxy Digital Holdings Ltd. last traded at $22.55 on the TSX.

Information for this briefing was found via Sedar and Galaxy Digital. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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