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

Is Bitcoin’s $100K Just the Beginning? Key Insights from Supply Distribution Data

Bitcoin has reached a landmark moment in its history earlier today, crossing the $100,000 price mark for the first time and cementing its position once again as the largest cryptocurrency by market

Ethereum Price Prediction (Dec 6th 2024)

The post Ethereum Price Prediction (Dec 6th 2024) appeared first on Coinpedia Fintech News Regarding broader metrics, Ethereum’s market cap is currently valued at $46967 billion, with an

Crypto Price Today (Dec 06th, 2024): Bitcoin Drops Amid Extreme Greed

The post Crypto Price Today (Dec 06th, 2024): Bitcoin Drops Amid Extreme Greed appeared first on Coinpedia Fintech News The cryptocurrency market has faced a notable pullback, with the global market

Mt.Gox Bitcoin Payout Set to Begin: 27K BTC Moved in Latest Transfers

The post MtGox Bitcoin Payout Set to Begin: 27K BTC Moved in Latest Transfers appeared first on Coinpedia Fintech News Amid the heightened Bitcoin (BTC) volatility in the past 24 hours, defunct

Ripple vs. SEC Update : January 2025 Could Be a Turning Point For XRP Lawsuit

The post Ripple vs SEC Update : January 2025 Could Be a Turning Point For XRP Lawsuit appeared first on Coinpedia Fintech News After Bitcoin’s $100K fakeout rally, the market is again back to the

Ethereum Whale Resurfaces After Being Dormant For 6 Years!

The post Ethereum Whale Resurfaces After Being Dormant For 6 Years! appeared first on Coinpedia Fintech News The Ethereum price has displayed an impressive price action this week, resulting in the