Grayscale Investments has formally filed for a Solana SOL exchange-traded fund (ETF) with the New York Stock Exchange, in line with a Tuesday submitting. Just weeks after the NYSE acquired SEC approval to open choices buying and selling on Bitcoin ETFs, Grayscale is hoping to carry the primary Solana ETF to the markets.
JUST IN: Grayscale recordsdata for Solana $SOL ETF with NYSE.
— Watcher.Guru (@WatcherGuru) December 3, 2024
Cryptocurrency-based ETFs (Exchange Traded Funds) have taken the crypto group by storm in 2024. The yr started with the SEC Approving 11 spot Bitcoin (BTC) ETFs. The launch triggered a market rally, and BTC hit a brand new all-time excessive in March. The BTC ETFs foreshadowed the launch of Ethereum (ETH) ETFs just a few months later. The crypto group now braces itself for different altcoin-based ETFs, and Solana (SOL) seems to be subsequent in line.
Grayscale’s Bitcoin Trust has been some of the profitable BTC ETFs since its launch in January. With the latest development of the Solana ecosystem and its native cryptocurrency, companies are scrambling to connect a futures ETF to the token. With XRP ETFs additionally probably within the combine for approval, 2025 may very well be a fair larger yr for crypto investing than 2024.
The Grayscale Solana Trust is the biggest belief of its variety on the earth. The Trust is the biggest OL funding fund by property underneath administration as of Tuesday. The Trust has roughly $134.2 million in property underneath administration. For context, this represents 0.1% of all SOL in circulation. According to Grayscale’s submitting, the agency believes that permitting Shares of the belief to listing and commerce on the Exchange as an ETP (i.e., changing the Trust to a spot SOL ETP) would supply different traders with a protected and safe option to spend money on SOL on a regulated nationwide securities exchange.
Furthermore, with latest shakeups within the SEC, the Solana ETFs are hoping to get faster approval than their predecessors. A possible approval would see the United States get its third crypto-based ETF in 2024. Bitcoin was the primary, gaining regulatory approval in January. Months later, Ethereum adopted go well with. Although BTC proved immensely profitable, ETH has but to reflect the identical efficiency.
