What happened?
Digital asset management company Grayscale recently submitted an application to the SEC, hoping to transform its 'Solana Trust' into a 'Solana Spot ETF', joining the ranks of asset management companies such as 21Shares, Canary Capital, VanEck, and Bitwise.
Grayscale's 'Solana Trust (GSOL)' currently managed by them is the largest Solana investment fund in the world, with approximately $134.2 million in assets.
With Trump, a supporter of cryptocurrencies, being elected as President of the United States, and with Grayscale and other asset management companies making further efforts, the approval of Solana spot ETFs is worth looking forward to.
Grayscale submits Solana Spot ETF application
Recently, digital asset management company Grayscale submitted a 19b-4 (exchange rule change) application to the U.S. Securities and Exchange Commission (SEC), requesting to transform its 'Solana Trust (GSOL)' into a 'Solana Spot ETF'.
According to this document, if approved, the ETF will be listed for trading on the New York Stock Exchange, with 'GSOL' as its code.
Grayscale becomes the latest institution to enter the Solana ETF market with this move, while others like 21Shares, Canary Capital, VanEck, and Bitwise are also seeking SEC approval for Solana spot ETFs.
According to foreign media (Cointelegraph), Grayscale's Solana Trust, currently managed by them, is the largest Solana investment fund in the world, with approximately $134.2 million in assets, accounting for about 0.1% of all circulating Solana tokens.
Solana has risen 277% in the past 12 months, with a market value exceeding $112 billion, attracting a large number of investors. If it successfully transforms into a freely traded ETF format in the future, allowing more institutional and retail investors to easily invest in Solana, it could further expand its market influence.
Solana Spot ETF approval is imminent
Solana has experienced strong growth this year, especially after the U.S. elections in early November, where the market is hopeful for a relaxed regulatory environment for cryptocurrencies, and after Grayscale submitted its ETF application, Solana's price surged approximately 3% in a short time.
As of now, the price of SOL has reached approximately $238, and foreign media (CoinDesk) believes that the price surge is a key factor in Grayscale's decision to apply for the launch of the Solana Spot ETF.
In the Solana ecosystem, in addition to meme coins, applications in areas such as DeFi (decentralized finance) and NFTs (non-fungible tokens) are gradually maturing, contributing to its rising market value.
Digital asset investment company BKCM CEO Brian Kelly speculated in an interview with foreign media (CNBC) that Solana might become the next altcoin to receive ETF approval, believing that Bitcoin, Ethereum, and Solana are the 'big three' digital assets.
Although BlackRock's ETF and Index Investment Head Samara Cohen stated in July this year that, apart from Bitcoin and Ethereum, the market demand for other cryptocurrency spot ETFs is insufficient. However, with Trump, a supporter of cryptocurrencies, being elected as President of the United States, and with Grayscale and other asset management companies making further efforts, the approval of Solana spot ETFs is still worth looking forward to.
Source: Coindesk, Cointelegraph
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