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

BONK Finds Stability At $0.00004002, Can Bulls Spark A Comeback?

Recent trading activity indicates that BONK is maintaining stability at the critical $000004002 support level This stabilization comes after a period of downward pressure, raising speculations of a

$1.10 Billion Crypto Liquidation in Bitcoin Crash, What’s Happening?

The post $110 Billion Crypto Liquidation in Bitcoin Crash, What’s Happening appeared first on Coinpedia Fintech News A sudden drop in Bitcoin (BTC), the world’s largest asset has resulted in the

Binance Launches Onchain Yields With Bitcoin Staking

Binance is doubling down on its commitment to bridging traditional finance and defi with the introduction of Babylon bitcoin staking Earn Passive Income By Staking Bitcoin on Binance Binance has

Analysts foresee upside potential for Bitcoin beyond $100k despite some red flags

Bitcoin’s (BTC) recent breach of the $100,000 price level has sparked discussions among analysts about market conditions and potential risks — while some metrics suggest caution, others

Bitcoin flash crashes to $90,200 causing over $885 million in liquidations

Bitcoin’s (BTC) historic rally above $100,000 hit a roadblock on Dec 5 as the flagship crypto fell back into five-figure territory, leaving a trail of liquidations across the market BTC gave up

Institutions Gain Access to Ether Liquid Staking via Anchorage Digital

Anchorage Digital, a US-regulated digital asset platform, has announced support for Liquid Collective’s liquid staked ETH (LsETH), enabling institutional clients to access liquid staking