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

Bitcoin Miners Move 85,503 BTC, Price Unaffected – Here’s Why

From attaining a six-figure market price to a sudden market crash, Bitcoin has remained the major headliner in the crypto market over the past week Among these rapid developments on the largest

PEPE Price Predication for December 2024

The post PEPE Price Predication for December 2024 appeared first on Coinpedia Fintech News Pepe (PEPE), the popular and third-largest crypto meme coin, is garnering massive attention from crypto

All Eyes on $2.75: XRP’s Chart Patterns Suggest Major Move on the Horizon

The cryptocurrency XRP has been on an upward trajectory, recently trading at $260 after a 73% gain in the past 24 hours XRP On the 1-hour chart, XRP has been consolidating tightly between $255 and

Bitcoin ETFs Surpass Satoshi’s Holdings, Blockchain Firm Breaks Down Institutional Adoption In 2024

The year 2024 will be one for the history books for the cryptocurrency industry and, especially, for Bitcoin After kickstarting the year with the approval of spot exchange-traded funds (ETFs), it

Ethereum Price Breakout: Charting The Uncertain Part Of ETH To $18,000

Crypto analyst BallaJi has provided insights into how the Ethereum price breakout could happen and even raised the possibility of ETH reaching $18,000 Ethereum currently boasts a bullish outlook,

Countdown to Ripple’s Stablecoin: The Fight to Meet Year-End Expectations

Ripple is racing to launch its highly anticipated US dollar-pegged stablecoin by year’s end, poised to revolutionize digital payments across XRP and Ethereum networks Ripple’s