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

Bitcoin Price Prediction: Analyst Releases Bullish End Of Year Forecast Despite Failure At $100,000

The Bitcoin price seems to be facing somewhat of a price failure since it crossed above the $100,000 price level In the few hours after crossing above this psychological threshold, the Bitcoin price

Dedollarization Is Not Our Objective: India Clarifies Currency Goals

ndia rejects de-dollarization narratives, with the Reserve Bank of India (RBI) prioritizing local currency trade agreements to shield its economy from dollar volatility and global uncertainties RBI

Bitcoin Price Prediction: BTC Dominance Drops, Altcoin Season Begins

The post Bitcoin Price Prediction: BTC Dominance Drops, Altcoin Season Begins appeared first on Coinpedia Fintech News Bitcoin is currently trading above the historic and crucial $100k level and is

XRP Price Prediction For December 8

The post XRP Price Prediction For December 8 appeared first on Coinpedia Fintech News Ripple’s XRP is up by more than six percent in the last 24 hours and is trading near the $260 levels XRP is

Elon Musk Laughs Off OpenAI CEO’s Tweet On Sacks’ Appointment – Here’s The Scoop

The rivalry between two respected tech giants continues, which is evident in a congratulatory post that might have reignited the rift between the two former allies in AI tech SpaceX CEO Elon Musk

Uniswap Consolidates At $17: A Calm Before The Bullish Storm?

Uniswap (UNI) is holding steady above the $17 mark, following a successful break above this level With the bulls maintaining their grip on this critical support level, speculation is rising about