GSOL is a closed-end fund launched by Grayscale in 2021, currently managing assets worth $134 million.

Digital asset management company Grayscale Investments is back in action, officially applying to convert its 'Solana Trust (GSOL)' into an ETF, further expanding its product portfolio.

GSOL is a closed-end fund launched by Grayscale in 2021, currently managing assets worth $134 million. This ETF conversion proposal has been submitted by NYSE Arca under the 19b-4 filing to notify the U.S. Securities and Exchange Commission (SEC) of this proposed rule change.

The competition for the Solana ETF is heating up, and Grayscale has joined the fray.

As the cryptocurrency market warms up, major asset management companies are increasingly focusing on the Solana ETF. Grayscale's recent application increases the number of asset management companies participating in the competition to five, with other participants including Bitwise, VanEck, 21Shares, and Canary Capital, which have all announced plans earlier this year to apply for the launch of the Solana ETF.

It is worth mentioning that Grayscale has successfully transformed its flagship funds, Bitcoin and Ethereum trusts, into ETFs. This move for the Solana trust not only provides investors with more choices but also represents an important step in the company's continued product innovation strategy.

Solana rebounds strongly, and the market has high expectations for the ETF.

After the news broke, SOL rose more than 5.2% today (4th) to $240.14, reflecting the market's high expectations for the Solana ETF.

2024 is set to be a remarkable year for Solana, having surged over 130% since the beginning of the year, becoming a bright spot in the cryptocurrency market. Moreover, since early November, when U.S. presidential candidate Trump promised to promote a more friendly regulatory environment for the cryptocurrency industry, Solana's upward momentum has been further strengthened.

(Fox Business) Reporter Eleanor Terrett revealed last month that the U.S. SEC is currently engaged in 'constructive' dialogues with several ETF issuers to discuss the details of launching the Solana ETF.

She cited sources indicating that the SEC has begun actively processing the S-1 application, which is an important procedure for applying for ETF listing. She stated:

As Trump's cryptocurrency-friendly policies gradually emerge, market confidence in the approval of the Solana ETF is continuously strengthening.