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

Dogecoin’s Big Question: How Far Can Its Price Rise By Year’s End?

Dogecoin continues to keep investors on edge with its evolving price dynamics Trading at $04500 as of December 5, the memecoin has surged by an impressive 450% from its annual low This rally has

Trading Platform eToro Exploring Potential US IPO With Goldman Sachs: Bloomberg

The post Trading Platform eToro Exploring Potential US IPO With Goldman Sachs: Bloomberg appeared first on Coinpedia Fintech News As per a latest Bloomberg report, trading platform EToro is

FLOCKERZ Flies High As HAWK Falls 95%

Fraud or just another influencer-led meme coin gone bad That’s the painful question investors are facing in the aftermath of the HAWK meme coin two days ago But did Haliey Welch and her team pull a

dYdX Hits $2.5 Amid Rising Demand from Whales: Is $3.2 the Next Resistance?

The post dYdX Hits $25 Amid Rising Demand from Whales: Is $32 the Next Resistance appeared first on Coinpedia Fintech News Today, Bitcoin’s price experienced a significant drop from its $100K

Ethereum climbs 28% against Bitcoin since November as it hits $4,000

Ethereum has recovered most of its losses against Bitcoin since November, gaining 28% to 004 BTC from a low of 00322 on Nov 21 Ethereum also broke $4,000 for the first time since February, currently

GME Spikes 59% As Roaring Kitty Returns to X, the Altcoin Season Is On – Will STARS Capitalize On This Rally?

Financial analyst Keith Gill, known as Roaring Kitty on YouTube, made a comeback on social media after three months of silence In response, GME, AMC, and ROAR tokens, all inspired by 2021