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

Ethereum Price Breaks Above Massive Triangle – Next Target: $10,000

Recent price action has seen the Ethereum price breaking above the $4,000 price level again to drive euphoria among crypto investors, especially those awaiting the onset of an altcoin season This

US Council Sounds The Alarm: Crypto Oversight Needed For Stablecoins

Popular stablecoins, or digital assets designed to have a “relatively stable price,” are getting noticed by policymakers While these crypto units are more stable than their counterparts, a recent

Bitcoin Hits 100K, XRP Wobbles, and More — Week in Review

Bitcoin hits $100K, XRP wobbles but won’t fall, certain meme coins are in the crosshairs, and more in this Week in Review Week in Review This week marked a historic milestone for

Bitcoin Rally Fuels Demand For Crypto Loans: Lending Sector On The Rebound

The recent Bitcoin price surge, which surpassed $100,000 for the first time, is creating ripples in the long-struggling crypto lending sector, particularly through decentralized finance (DeFi)

President Bukele Gets the Last Laugh: Over $300 Million in Unrealized Bitcoin Gains

Bukele celebrated the recent bitcoin rally and the $100K milestone, posting a screenshot of El Salvador’s bitcoin investment unrealized gains Fighting tooth and nail against naysayers,

Bitcoin Nears $100,000: Market Expert Predicts $200K Surge Amid Retail FOMO And Volatility

The Bitcoin (BTC) price held just below $100,000 at the week’s end, falling 7% to roughly $91,000 on Thursday This milestone has inspired speculation about Bitcoin’s short, medium, and