Digital asset management company Grayscale Investments has once again taken action, officially applying to convert its 'Solana Trust (GSOL)' into an ETF, further expanding its product offerings.
GSOL is a closed-end fund launched by Grayscale in 2021, currently managing assets totaling $134 million. This ETF conversion proposal has been submitted through the 19b-4 filing by NYSE Arca to notify the U.S. Securities and Exchange Commission (SEC) of this proposed rule change.
The competition for the Solana ETF has intensified, with Grayscale entering the fray.
As the cryptocurrency market warms up, major asset management companies are focusing their attention on the Solana ETF. Grayscale's submission of this application increases the number of competing asset management companies to five, with other participants including Bitwise, VanEck, 21Shares, and Canary Capital, all of which announced earlier this year their intention to apply for a Solana ETF.
It is worth mentioning that Grayscale has successfully transformed its flagship Bitcoin and Ethereum trusts into ETFs, and this move regarding the Solana trust not only provides investors with more options but also marks an important step in the company's continued product innovation strategy.
Solana rebounds strongly, with high hopes for the ETF.
After the news broke, SOL rose more than 5.2% to $240.14 today (4th), showing the market's high expectations for the Solana ETF.
The year 2024 is set to be a breakout year for Solana, having surged over 130% since the beginning of the year, becoming a highlight in the cryptocurrency market. Since early November, when U.S. presidential candidate Trump promised to promote a friendlier regulatory environment for the cryptocurrency industry, Solana's momentum has been further strengthened.
(Fox Business) Reporter Eleanor Terrett revealed last month that the U.S. SEC is currently engaged in 'constructive' dialogue with several ETF issuers to discuss the details of launching a Solana ETF.
She cited sources indicating that the SEC has begun actively processing S-1 applications, which is an important procedure for applying for ETF listings. She stated:
As Trump's cryptocurrency-friendly policies gradually emerge, market confidence in the approval of the Solana ETF is continuously increasing.
"The competition for the 'Solana ETF' has intensified! Grayscale has applied to convert the 'Solana Trust' into an ETF," this article was first published on (Blockkey).
