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

Community Notes Challenges Coinbase’s Response to Account Complaints

Coinbase’s support account on X tackled grievances regarding alleged account restrictions In a post, the company emphasized, “don’t believe everything you see on twitter” However, an attached

Bitcoin sees another flash crash, leading to $1.52 billion cascade in crypto liquidations

The crypto market experienced a cascade of liquidations over the past 24 hours, totaling $152 billion, as Bitcoin (BTC) underwent yet another flash crash According to Coinglass data, longs made up

Crypto Bloodbath: $1.5 Billion Liquidated as Bitcoin Crashes to $94K

Monday proved to be a tough day for cryptocurrency markets, with the crypto economy shrinking by 631% in just 24 hours and $15 billion in crypto derivatives positions vanishing Bitcoin (BTC) found

Analyst Sets $4.40 XRP Target As 3rd-Straight Bull Pennant Forms

An analyst has explained how XRP could eventually reach a $440 price target based on the bull pennant pattern that has formed in its 4-hour price XRP Has Just Shown Its Third Straight Bull Pennant

Reimagined Enron teases world-changing summit with enigmatic new leader

The rebranded Enron Corporation revealed Connor Gaydos as its new CEO and announced a January summit where it plans to release a transformative new technology that will “truly change the world

Jupiter to airdrop $860 million in JUP tokens to loyal community voters

Decentralized exchange aggregator Jupiter’s governance has approved a proposal to airdrop $860 million worth of JUP tokens to community voters called Jupuary The proposal, spearheaded by