Dec 4, 2024
6thTrade
Grayscale Investments has submitted a filing to convert its Solana Trust into an exchange-traded fund (ETF) on NYSE Arca, marking a significant move as the firm looks to make its $134 million Solana investment vehicle more accessible to investors. This filing comes at a time when Solana's price has surged 6%, recovering from recent losses.
Key Highlights:
Grayscale has filed to turn its Solana Trust into a spot ETF on NYSE Arca.
Solana's price rose 6% in the past 24 hours, reaching $237, following a 12% decline last week.
The price surge comes after Solana's all-time high of over $260, followed by a market pullback.
Despite recent market fluctuations, including XRP overtaking Solana in market capitalization and reclaiming the third-largest position, Solana remains resilient. The increased optimism surrounding Solana is largely attributed to Grayscale’s ETF filing, which signals growing institutional confidence in the crypto asset.
The U.S. Securities and Exchange Commission (SEC) is currently reviewing multiple Solana ETF applications, including Grayscale's. The proposed ETF would aim to directly track Solana's price, similar to the firm's existing Bitcoin and Ethereum investment products.
Other companies, including VanEck, 21Shares, and Canary Capital, have also filed for Solana-based ETFs on the Cboe exchange.
Political developments in the U.S. have further fueled optimism, with the appointment of pro-crypto advocate Paul Atkins as SEC chair raising hopes for a more favorable regulatory environment for digital asset products, such as Solana ETFs.
