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

Why You Can’t Miss Tokyo TEAMZ Summit 2025 During the Global Web3 Bull Market

Tokyo is undoubtedly one of the most beloved cities for Web3 professionals It’s a place that satisfies all your desires—whether for work or leisure Imagine attending a business conference in a

Bitcoin’s drop triggers $1.57 billion in liquidations

In the past 24 hours, the crypto market saw $157 billion in liquidations, the highest recorded since September 2021 Bitcoin’s drop below $97,000 led to $139 billion in longs being liquidated

Bitcoin MENA 2024: Donald Trump’s Son Eric Says Bitcoin Price Will Hit $1 Million

The post Bitcoin MENA 2024: Donald Trump’s Son Eric Says Bitcoin Price Will Hit $1 Million appeared first on Coinpedia Fintech News Eric Trump took the stage at the Bitcoin MENA conference,

Ripple CEO Blasts 60 Minutes Interview Edit: Some Things Were Left Out

Brad Garlinghosue, CEO of Ripple, a crypto and payment services company, blasted an interview given to 60 Minutes about XRP and the utility of cryptocurrency Garlinghouse stated that some things were

Crypto Market Hit Hard With $1.7 Billion Liquidated, Largest Event Since 2021

The broader crypto market experienced a major crash on December 9 While the Bitcoin price dropped from $101,109 to as low as $94,150, marking a -7% decline, the altcoin market suffered significantly

Google’s Willow quantum chip brings Bitcoin security debate 10 years closer

Google has unveiled its latest innovation, the Willow quantum computing chip, stirring discussions within the crypto community about its potential impact on Bitcoin’s cryptographic security On