Coinspeaker Grayscale Officially Files for Solana ETF, SOL Jumps 3.62%
In recent developments, the crypto market has turned green, with Grayscale officially filing for Solana ETF with NYSE. With the news leak, Solana’s market price has jumped 3.62% in an hour.
Grayscale, a $50B asset management company, is now preparing for its third crypto ETF launched on a US exchange. Similar to its Bitcoin and Ethereum ETFs, the Solana ETF will be Grayscale’s Solana Trust switching modes.
Grayscale’s Filing for Solana ETF
In an attempt to convert the Grayscale Solana Trust into an ETF (GSOL), Grayscale has filed the 19b-4 form with the US SEC. Based on the filing, Grayscale boasted of being the largest Solana fund. In a similar manner before the Bitcoin and Ethereum ETF listing.
Currently, as per the filing, the asset management company holds roughly $134.2M in assets under management. This represents 0.1% of all SOL tokens in circulation. However, based on the Grayscale Solana Trust website, the AUM is noted as $117M on December 2.
With the filing, Grayscale has joined the likes of 21Shares, Canary Capital, VanEck and Bitwise in the race to get the SEC’s approval.
The Grayscale Bitcoin and Ethereum Trusts
Starting with the Grayscale Bitcoin Trust, in early 2024, the SEC approved the request to turn the trust into an Exchange Traded Fund (ETF). Listing on January 11, with a total net asset worth $28.25B, GBTC took nearly four months to hit its first net daily inflow on May 3.
The first day of net inflow registered a minor peak of $63.01M. During the initial days of net daily outflows, the GBTC ETF hit a record of $642M outflow in a day.
Regarding the Ethereum ETFs, similar to Bitcoin, Grayscale filed to turn its Ethereum trust into an ETF. Sharing the same fate, the Grayscale Ethereum Trust (ETHE) marked the listing day with the largest daily outflow of $484.11M and no net daily inflows till December 2.
Compared to Bitcoin, the Ethereum ETFs witnessed significantly weaker volumes and hype. Based on data from December 2, the Cumulative Total Net Inflow of Ethereum ETF stands at $597.55M.
However, the US-based spot Bitcoin ETFs have reached $31.06B. Despite being the second biggest crypto, the substantial difference in adoption and attraction warns of a weaker opening for Solana.
Shifting Dynamics for Solana
Despite the Grayscale Ethereum Trust’s weaker opening and underwhelming performance, Solana’s rising tailwinds boost market optimism. Over the last few months, rising Solana network activity has surpassed Ethereum in DEX volumes and other DeFi metrics.
Further, the impressive recovery of Solana [coin_data_widget ticker=”SOL”] from $8 in December 2022 to a new all-time high of $264 in November 2024. The ongoing rally has resulted in a price jump of 41% last month.
Hence, the rising hype and the bullish sentiments for Solana could pump the prices with the FOMO surge upon ETF approval.
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Grayscale Officially Files for Solana ETF, SOL Jumps 3.62%
