Asset management company Grayscale officially submitted its Solana spot ETF application to the U.S. Securities and Exchange Commission (SEC) on December 3. If the application is approved, it will be an important step for Grayscale to convert its existing Solana Trust (Grayscale Solana Trust) into a spot ETF.
Official proposal on December 3, GSOL is preparing to list on the New York Stock Exchange.
Grayscale submitted the 19b-4 filing to the SEC on December 3, officially applying to convert its existing Solana Trust into a Solana spot ETF, with the stock code 'GSOL', and plans to list on the New York Stock Exchange. This move emulates Grayscale's previous successful transition of Bitcoin (BTC) and Ethereum (ETH) trust funds to spot ETFs.
The image shows the Grayscale Solana spot ETF application documents.
The application documents indicate that Grayscale's Solana Trust Fund is the largest Solana investment fund globally, currently managing assets of approximately $134.2 million, accounting for 0.1% of the circulating supply of SOL in the market. Grayscale's Solana spot ETF will be custodied by Coinbase Custody, while the asset services department of BNY Mellon will handle fund management and transfer services.
The Solana ETF application is a competitive landscape, with many institutions entering the fray.
Currently, the application for the Solana spot ETF can be described as a competitive landscape, with several well-known institutions such as 21Shares, Canary Capital, VanEck, and Bitwise having previously submitted Solana spot ETF applications, while asset management giant Franklin Templeton has also expressed intentions to enter the market.
The image shows the investment institutions currently applying for cryptocurrency ETFs, which can be described as a competitive landscape.
With Solana's price skyrocketing by 277% over the past 12 months and its market cap surpassing $112 billion, the market demand and investment enthusiasm for related ETFs are soaring, and competition is becoming increasingly fierce.
After the Solana ETF application, SOL rose 4% in just one day.
Since Grayscale submitted the documents, the price of Solana (SOL) has performed strongly, currently trading at $237, with a daily increase of about 4%. As the ETF news continues to gain traction, market enthusiasm for SOL is expected to further push up price trends.
In addition to the 19b-4 filing, Grayscale also needs to submit an S-1 registration statement to ensure that GSOL can officially list on the public market after receiving SEC approval. This will be one of the key factors in the trust's transformation.
After Grayscale submitted the Solana ETF application, it rose by 4% in a single day.
(Grayscale's large-cap fund GDLC's proposal to convert to ETF, SEC may approve multi-coin ETFs)
This article discusses Grayscale officially submitting its Solana ETF application to the SEC, with GSOL expected to list on the New York Stock Exchange, first appearing in Chain News ABMedia.
