Crypto asset manager Osprey Funds has launched a Polkadot trust product that would invest exclusively in DOT, the native token of the Polkadot network.

Osprey said the product is the only Polkadot trust in the market. Grayscale also recently incorporated a Polkadot trust but is yet to launch one.

The Osprey Polkadot Trust is now open for accredited investors via private placement. The minimum investment is $25,000, and Coinbase serves as the trust’s custodian, said Osprey.

“Polkadot is an amazing platform focused on enabling Web 3.0.,” said Osprey CEO Greg King. “With limited access points to investing in DOT currently, the Osprey Polkadot Trust will enable accredited investors who want DOT exposure to get titled, auditable ownership through a U.S.-based investment vehicle.”

Osprey intends to list the trust on the OTCQX market “as soon as possible.” The public listing will enable users to invest in the trust via traditional brokerage accounts.

Osprey already operates a bitcoin trust that was launched in 2019 and was listed on the OTCQX market earlier this year. Osprey’s bitcoin trust competes with Grayscale’s bitcoin trust (GBTC) and has nearly $155 million worth of assets under management (AUM) compared to GBTC’s $35.5 billion AUM.

Osprey said it has waived the 2.5% management fee for the Polkadot trust until January 1, 2023.

King said that “Osprey is just getting started,” and would launch a series of trust products tied to different cryptocurrencies and tokens, but declined to comment on specifics when contacted.