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

Behind Bitcoin ‘Flash Crash’ To $88,000 – On-Chain Lessons Learned

The past week has been an eventful seven-day span for the Bitcoin price action and the general cryptocurrency market From the flagship cryptocurrency achieving a six-figure valuation to “flash

Bitcoin Traders Retain High Leverage Amidst Decline In Funding Rates – Details

After hitting the $100,000 milestone, Bitcoin suffered a sudden price crash on Friday resulting in an estimated price loss of 7% During this decline, the asset’s perpetual funding rates in the

China’s Central Bank Expands Gold Reserves In November After 6-Month Pause

The post China’s Central Bank Expands Gold Reserves In November After 6-Month Pause appeared first on Coinpedia Fintech News Lately, the flagship cryptocurrency has been gaining widespread

Dogecoin (DOGE) Breakout Alert! Bulls Eye 30% Rally

The post Dogecoin (DOGE) Breakout Alert! Bulls Eye 30% Rally appeared first on Coinpedia Fintech News Dogecoin (DOGE), the popular and the world’s largest crypto-meme coin is poised to soar again

Institutional Investors Pour $376M Into Bitcoin ETFs; Ether Funds See $83M Boost

On Friday, US spot bitcoin exchange-traded funds (ETFs) amassed inflows of $37659 million, while spot ether funds raked in $8376 million Crypto ETFs Continue to Shine Throughout the week, the 12 spot

Chainlink Price Shines With 40% Rally — Is $28.5 Possible?

Over the past week, the cryptocurrency market was not particularly on that impressive streak many investors may have now become accustomed to However, the large-cap altcoins seem to have woken from