Osprey Fund’s fifth digital asset investment product is a Polygon trust that invests in MATIC, the native token of the Polygon network, the asset manager announced on Tuesday.
- “Polygon is a disruptive layer-2 technology that gains from Ethereum’s secure network while mitigating common blockchain pain points, such as high gas fees and slow transactions,” Greg King, CEO of Osprey, said in a press release. “We’re excited to offer investors a new way to tap into the growing Ethereum market via the Osprey Polygon Trust.”
- Osprey is a digital asset manager that’s part of a crop of new crypto funds aimed at serving institutional investors. Its Osprey Bitcoin Trust (OBT) is registered as an SEC reporting company and competes with the market-leading Grayscale Bitcoin Trust (GBTC). (Grayscale is owned by Digital Currency Group, CoinDesk’s parent company.)
- Coinbase serves as the fund’s custodian. Theorem Fund Services will be the fund administrator, and Grant Thornton will be its auditor.
- The trust is available to accredited investors with a $10,000 minimum investment, and Osprey plans to list the fund on OTCQX to remove fees on shares and open it up to retail investors.
