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

Pump Fun updates terms to block UK users days after FCA warning

PumpFun has restricted access to users in the UK days after receiving a regulatory warning from the country The decision comes after a Dec 3 warning from the UK’s Financial Conduct Authority

BlackRock Highlights Bitcoin’s Role as a Diversified Asset In Its 2025 Outlook

The post BlackRock Highlights Bitcoin’s Role as a Diversified Asset In Its 2025 Outlook appeared first on Coinpedia Fintech News BlackRock’s 2025 Global Outlook highlights Bitcoin’s

Pump.Fun Is Now Officially Banned In The UK

The post PumpFun Is Now Officially Banned In The UK appeared first on Coinpedia Fintech News In a surprising development for users, Solana-based meme coin marketplace PumpFun is now officially banned

Ethereum Proceeds Toward New All-time High Amid ETF Demand: Will ETH Price Succeed?

The post Ethereum Proceeds Toward New All-time High Amid ETF Demand: Will ETH Price Succeed appeared first on Coinpedia Fintech News Ethereum, the crypto market’s second-largest asset by market

Ethereum Breaks Through $4,000 Amid Growing Demand For ETH ETF

The post Ethereum Breaks Through $4,000 Amid Growing Demand For ETH ETF appeared first on Coinpedia Fintech News In a latest development, the price of Ethereum broke above the $4,000 mark on Friday

SEC Crypto Litigation Releases: November 2024

In November, the SEC published just one crypto-related litigation release, alleging a $115 million securities fraud scheme against Eng Taing and his company, Touzi Capital, LLC According to the