Highlights. Grayscale has applied to list the Solana ETF on the New York Stock Exchange following the approval of the Bitcoin ETF option.
Grayscale #Solana Trust manages $134.2 million in assets globally.
#Grayscale has applied to list the Solana #ETF on the New York Stock Exchange following the successful launch of the #Bitcoin and Ethereum ETF in 2024. The company currently manages $134.2 million in assets through Solana Trust and is seeking accelerated approval under new SEC rules.
Grayscale Investments has filed a formal application to list the Solana Fund (SOL) on the New York Stock Exchange. This comes after the New York Stock Exchange recently approved the launch of an options-traded bitcoin ETF.
cryptocurrency ETFs have had a significant impact on the market in 2024. The year started with the SEC approving the launch of 11 bitcoin ETFs, and in March, BTC hit an all-time high. Bitcoin was followed by Ethereum ETFs, and now Solana is likely to be the next candidate.
Grayscale Bitcoin Trust is one of the leading BTC ETFs that will launch in January 2024. Grayscale Solana Trust, which is currently the largest in the world, manages approximately $134.2 million in assets, representing 0.1% of total SOL turnover.
The filing indicates Grayscale's intention to convert the trust into a spot SOL ETP to provide investors with regulated access to SOL investments through national stock exchanges. Due to recent SEC changes, the Solana ETF may be approved sooner than previous cryptocurrency ETFs.
However, because the Trust is not currently registered as an exchange-traded product ("ETP"), the value of the shares does not accurately track the value of the underlying SOLs underlying the Trust. Therefore, the Sponsor believes that registering the Trust's shares as ETPs and making them tradable (i. e. , converting the Trust into a spot ETP SOL) will provide other investors with a safe and reliable way to invest in SOLs on a regulated national stock exchange.
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