Grayscale has filed with the SEC for its spot Solana ETF through NYSE Arca, with experts stressing that expectations for approval are increasing in 2024.
NYSE Arca, the New York Stock Exchange’s exchange-traded products platform, has filed an application for a spot Solana ETF on behalf of Grayscale Investments.
Chicago-based NYSE Arca filed Form 19b-4 with the U.S. Securities and Exchange Commission (SEC) on Tuesday, Dec. 3, requesting a rule change for the Grayscale Solana Trust. If approved, Coinbase Custody Trust Company LLC is set to serve as custodian, while BNY Mellon Asset Servicing is set to serve as administrator.
Over the past year, many firms including 21Shares, VanEck, BitwiseAsset Management and Canary Capital have applied for the spot Solana ETF and competed in this field.
It was stated that the Solana ETF application would be revolutionary not only for Solana but for the entire altcoin market.
Experts in the crypto market noted that the election of Donald Trump as US President and the resignation of SEC Chairman Gary Gensler have raised hopes in the sector, and said that expectations have increased that a Solana ETF could be approved in 2024.
Grayscale was among several firms that were allowed to trade spot Bitcoin ETFs earlier this year. The SEC has subsequently approved spot Ethereum ETFs, including Grayscale’s Ethereum-based product.
These approvals come after the courts ruled in August 2023 that the SEC must re-evaluate Grayscale’s spot Bitcoin ETF proposal. The court called the SEC’s decision to reject the proposal “arbitrary and unreasonable.”
Grayscale filed a lawsuit in 2022 after the SEC rejected its proposal to convert its main fund, GBTC, into a spot Bitcoin ETF, the company said.
Stay tuned.