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

Australian Fintech Report: Blockchain and Crypto Sector Contracts Amid Global Shift to AI

A recent KPMG report shows a 14% decline in the number of active firms in Australia’s blockchain and cryptocurrency sector in 2024 M&A and Investment Activity Subdued in 2024 According to a

This Analyst Correctly Predicted The Bitcoin Flash Crash To $94,000, But There’s A New Target

Following an earlier prediction of the Bitcoin flash crash to $94,000, a crypto analyst has set a new target for the pioneer cryptocurrency The analyst anticipates another major decline in the

Polkadot and Solana Brace for Competition From a Game-Changing AI Multichain Token

The blockchain landscape is on the cusp of a significant shift as a revolutionary AI-driven multichain token emerges This new entrant promises to challenge established networks and may alter the

VanEck projects sustained growth for Bitcoin as altcoin season index rises

VanEck believes the recent surge in the Altcoin Season Index, which jumped 53% in the past 30 days to 63 points, could signal upcoming gains for Bitcoin (BTC) According to the firm’s head of

XRP Buy Alert! $213 Million Outflow from Exchanges

The post XRP Buy Alert! $213 Million Outflow from Exchanges appeared first on Coinpedia Fintech News XRP, the native token of Ripple Labs, has garnered significant attention from crypto giants

Shiba Inu Burn Skyrockets 1,068% Amid Market Bleed, Can Bullishness Push Price Above $0.00003 Again?

The Shiba Inu burn rate has seen a turnaround, skyrocketing by 1,068% despite the meme coin’s recent price decline This unexpected Shiba Inu burn recovery comes amid a bearish market trend, with