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

President-Elect’s Son, Eric Trump, Discusses US Crypto Leadership in Interview

Eric Trump, son of President-elect Donald Trump, detailed ambitions to establish the United States as a global leader in cryptocurrency during a CNBC interview in Abu Dhabi, United Arab Emirates Eric

Jetking Infotrain becomes India’s first public company to hold Bitcoin as treasury reserve

Jetking Infotrain became India’s first publicly traded company to adopt Bitcoin (BTC) as a reserve asset for its treasury after purchasing 12 BTC on Dec 9, according to the firm’s CEO

Bitcoin Long-Term Holders Actively Selling Coins – New Investors Absorbing Supply

Bitcoin has experienced a whirlwind of volatility over the weekend, reaching the psychological $100K mark and a new all-time high of $103,600 Despite this milestone, the price continues to struggle

PEPE Whales Increased Their Holdings By $1.4 Billion Yesterday – Details

PEPE has made headlines again, reaching a new all-time high of $0000027 just a few hours ago This milestone comes amid heightened market volatility, with the token showing massive gains as it

MicroStrategy now controls over 2% of Bitcoin supply after latest $2.1 billion purchase

MicroStrategy significantly expanded its Bitcoin (BTC) holdings for the fifth consecutive week On Dec 9, the firm revealed that it acquired an additional 21,550 Bitcoin during the week ending Dec 8

Riot Platforms to Raise Funds for Bitcoin Acquisition

Riot Platforms, Inc announced a proposed $500 million private offering of convertible senior notes to fund bitcoin acquisitions and corporate initiatives Riot Announces $500 Million Private Note