According to a report by CoinDesk, digital asset management company Grayscale Investments has become the latest company to participate in the competition for a Solana exchange-traded fund (ETF), planning to convert its existing Solana trust fund (GSOL) into an ETF.
The Arca exchange, a subsidiary of the New York Stock Exchange, submitted a 19b-4 filing on Tuesday evening as the exchange that will provide listing for the fund. The U.S. Securities and Exchange Commission (SEC) requires exchanges to submit such filings to notify the SEC of rule changes proposed by self-regulatory organizations (such as exchanges).
Grayscale is now the fifth asset management company to apply for a Solana ETF, following similar announcements earlier this year by Bitwise, VanEck, 21Shares, and the newly established Canary Capital.
Grayscale launched this closed-end Solana trust fund in 2021 as its 16th investment product, and according to the filings submitted on Tuesday, the fund currently manages $134 million in assets.
Grayscale has successfully converted its Ethereum and Bitcoin trust funds into ETFs this year. In October, Grayscale also applied to convert its large-cap cryptocurrency fund, the Grayscale Digital Large Cap Fund (GDLC), into an ETF.
Following this news, the price of Solana's native token SOL rose by about 3%, with a year-to-date increase of over 130%. As of the deadline, SOL was trading at $239.
Source
