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

New DEX Protocol Lunex Network Joins Ethereum and Binance in the Spotlight – Can It Surpass $0.50 by Year-End?

The post New DEX Protocol Lunex Network Joins Ethereum and Binance in the Spotlight – Can It Surpass $050 by Year-End appeared first on Coinpedia Fintech News The crypto community has regularly

XRP Aims for $8.40, Conservative Prediction by Expert

The post XRP Aims for $840, Conservative Prediction by Expert appeared first on Coinpedia Fintech News Despite the ongoing price consolidation, XRP, the native token of Ripple Labs gaining massive

Argentina Opens Foreign Crypto ETF Investment Opportunities

Argentina is opening its stock market to crypto exchange-traded fund (ETF) opportunities The Argentine SEC equivalent greenlighted the introduction of prospects to allow investments in

Forget AVAX and LINK, This Token Could Hit 42x Growth and Dominate DeFi in 2024

The post Forget AVAX and LINK, This Token Could Hit 42x Growth and Dominate DeFi in 2024 appeared first on Coinpedia Fintech News An emerging cryptocurrency is poised to make waves in the DeFi space,

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