Solana price is soaring upwards again on crypto exchanges. However, regulated investors value SOL tokens at an incredible premium in Grayscale Solana Trust (GSOL).
The average SOL price on crypto exchanges was just under $62 as of Saturday afternoon UK time, according to data from CoinGecko. This puts the smart contract blockchain platform up more than 49% over a seven-day period.
Additionally, Solana soared over 180% on the 30-day scale after a superb “through October” rally in crypto prices across the board.
Solana Grayscale Fund Shares Soar
But on Grayscale’s SOL fund, DeFi blockchain tokens are doing even better. According to AAII, the fund offers a “cost-effective and convenient way to invest in SOL tokens (“SOL”) while avoiding the complication of owning SOL directly.
Leaving no stone unturned, a cryptocurrency detective from X.com looked at the cryptocurrency hedge fund’s numbers on Friday and did the math. This is what “Jay on X” discovered:
So while retail traders, third worlders, and “degens” are buying 1 SOL for $62 on crypto exchanges like Binance and KuCoin, the smart money is buying 0.38 SOL for $125.
When you do the math, that comes out to $328 for each Solana token. This reveals that institutional investors are happy to pay the Grayscale premium to obtain Solana from a regulated and custodial Solana ETF fund.
Commercial demand for SOL is high
Jay concluded in the discussion that follows:
“This gives us an idea of the demand for trad-fi, and its very clear trad-fi wants to bid on $SOL”
Here’s the thing: Just a day after “Jay on This represents a list price of $531 for 1 SOL token in Grayscale’s Solana ETF in OTC markets on Saturday.
There are currently 304,427 shares outstanding for total assets under management of $6,344,128 in the Grayscale SOL fund. Here’s where people bought Solana the most over the past three weeks.