Grayscale Files for Spot Solana ETF, SOL Price Spikes

Share This Post

Solana, XRP, Litecoin Crypto ETFs Await SEC Decision—Will They Be Approved

The post Grayscale Files for Spot Solana ETF, SOL Price Spikes appeared first on Coinpedia Fintech News

The cryptocurrency market appears super interesting due to ongoing developments in the industry. Today, December 4, 2024, the giant asset manager Grayscale Investments has officially filed for a Solana Exchange-Traded Fund (ETF) with the New York Stock Exchange (NYSE).

Will Solana ETF Get Approval?

Under Gary Gensler, the Securities and Exchange Commission approved 11 Bitcoin ETFs at the beginning of 2024 and Ethereum ETFs in mid-2024. Now, after the approval of spot Bitcoin and Ethereum ETFs, the community is eagerly awaiting altcoin ETFs, with Solana appearing to be next in line.

However, with the recent growth of the Solana ecosystem and its native token, firms appear to be filing for or hoping to attach ETFs to the token.

Grayscale Spot Solana ETF

According to Grayscale’s recent filing, the firm believes that turning its existing Solana Trust into a spot SOL Exchange-Traded Product (ETP), similar to its Bitcoin Trust, would provide investors with a safer and more secure way to invest in Solana (SOL). This move would enable trading on a regulated national securities exchange, making access to the cryptocurrency easier and more reliable.

The Grayscale Solana Trust is the largest trust of its kind, currently standing out as the leading Solana (SOL) investment fund by assets under management. According to the data, the firm holds an impressive $134.2 million worth of SOL, which represents nearly 0.1% of SOL’s overall circulating supply.

However, the crypto community is expecting quicker approval, as Gensler and his team are set to step down in January 2025. A potential approval of the SOL ETF would make it the United States next crypto-product ETF after BTC and ETH.

Solana (SOL) Current Price Momentum

Following this filing, the SOL price jumped by 7% and is currently trading near $240. Meanwhile, its trading volume over the past 24 hours surged by 20%, indicating heightened participation from traders and investors compared to the previous day.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Solana Might Reach $295 Once It Breaks Key Supply Zone – Details

Solana (SOL) has captured significant attention in the crypto market after a series of volatile days that followed its breakout to a new all-time high on November 22 The asset, known for its speed

Bitcoin Plunges 3,000 Points, Recovers to 98K: QCP Predicts Stability Ahead

The crypto economy experienced a dramatic $15 billion in long liquidations, resulting in a 3,000-point drop before finding support at the critical 95,000 level, according to analysts at QCP Capital

Skybridge’s Anthony Scaramucci Predicts China Will Be Back In The Bitcoin Game Before 2025 Ends

The post Skybridge’s Anthony Scaramucci Predicts China Will Be Back In The Bitcoin Game Before 2025 Ends appeared first on Coinpedia Fintech News In a latest development, Anthony Scaramucci, a

Former US Treasury Secretary Calls Trump’s National Bitcoin Reserve Proposal ‘Crazy’

President-elect Donald Trump’s proposal to establish a national Bitcoin reserve has ignited a wave of criticism from economic experts, including former Treasury Secretary Larry Summers 

Dogecoin skyrocketed 200x: Earn daily with Cryptokeying

Since Bitcoin became the first cryptocurrency in 2009, there are now thousands of cryptocurrencies These new coins (which run on their own native blockchains) are called altcoins or alternative coins

Wall Street Pepe Token Presale Hits $3.5M – Is WEPE the Next Meme Coin Breakout?

Wall Street Pepe (WEPE) has raised over $35 million in the first week of its token presale event This new project mixes the famous Pepe meme with a Wall Street theme – and traders are piling in