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

Crypto All-Stars Soars Past $10M in ICO With Just 11 Days Left – Last Chance to Buy Before Launch

The meme coin sector continues to get more interesting – with Crypto All-Stars (STARS) hitting $10 million in its ICO over the weekend With billions added to the sector’s value over the weekend,

DNA Holdings launches blockchain investment platform with Chintai Nexus

DNA Holdings Venture Inc has unveiled DNA Deal Desk, an exclusive investment platform for high-net-worth individuals, developed in collaboration with Chintai Nexusm, according to a Dec 9 press

Dogecoin Price Consolidates Ahead Of Rally, Can The Next Leg-Up Push It To A $0.74 ATH?

The Dogecoin price shows signs of continued bullish momentum, as a crypto analyst has predicted a potential breakout towards the $074 all-time high This significant price surge is expected to occur

Bitcoin ASIC Maker Bitmain Shifts Gears With US Production Line Amid Incoming Trump Administration

The bitcoin mining machine maker Bitmain is gearing up to roll out a new production line in the US, focusing on its application-specific integrated circuit (ASIC) equipment Bitmain Launches US

Dogecoin Price Prediction: Here’s What The 91-Day Pattern Says Could Happen Next

Crypto analyst Master Kenobi has again alluded to the 91-day pattern to provide insights into where the Dogecoin price could be headed next The analyst suggested that things could turn out

PEPE Joins Crypto’s Top 20, Sets Sights On SHIB: Will PEPU Challenge? 

Guess who just broke into crypto’s top 20 by market cap If you bet on a certain green frog, you guessed right  Pepecoin (PEPE), a frog-themed meme cryptocurrency, has come a long way since its