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

XRP To Maintain Price Rally As Whales Reload Amidst Price Dip- Details

In the last week, the price of XRP increased by 35% as the general crypto market maintains a stellar performance stretching over the last two months Interestingly, recent developments in the XRP

This Ripple (XRP) Rival is Expected to Reach $10 in the Coming Weeks, Rising From Below $1

The post This Ripple (XRP) Rival is Expected to Reach $10 in the Coming Weeks, Rising From Below $1 appeared first on Coinpedia Fintech News Rexas Finance (RXS) is a rapidly emerging token that has

Is Altcoin Season Finally Here? Trader Predicts $8 Rally for $.125 Token Challenging Solana (SOL)

The post Is Altcoin Season Finally Here Trader Predicts $8 Rally for $125 Token Challenging Solana (SOL) appeared first on Coinpedia Fintech News At last, Altcoin season is here! The tide is changing

ADA Panic: SEC Lawsuit Hoax and Burn Scare Rock Cardano Community

False claims of an SEC lawsuit and ADA token burns from a hacked Cardano Foundation account sent shockwaves through the cryptocurrency community, sparking panic Fake SEC Lawsuit Targets Cardano

US vs. China: Trump’s Aide Predicts New Bitcoin Space Race

The rise of bitcoin as an international reserve asset might ignite a new space race David Bailey, a cryptocurrency policy aide of President-Elect Trump’s campaign, stated that this new

Bullish Power Surge or Fading Flame? XRP’s $2.60 Resistance in the Spotlight

XRP’s current trading performance reflects a tug-of-war between bullish momentum and short-term corrections, with its price resting at $256 XRP On the 1-hour chart, XRP experienced an intraday