Grayscale Files for Spot Solana ETF with SEC

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As a seasoned crypto investor with a knack for spotting promising opportunities, this recent development by Grayscale Investments has piqued my interest. The proposed Solana ETF, if approved, could be a game-changer, given the impressive growth of Solana over the past year.

Grayscale Investments has submitted an application to the U.S. Securities and Exchange Commission (SEC) to launch a Solana exchange-traded fund (ETF) as an alternative to its existing Solana Trust. If approved, this ETF, known as GSOL, could potentially be listed on the New York Stock Exchange (NYSE), according to a 19b-4 filing with the SEC.

The largest Solana investment fund, known as the Grayscale Solana Trust, currently manages approximately $134.2 million in assets. It’s important to note that this trust owns around 0.1% of all existing Solana (SOL) tokens.

In this setup, the entity responsible for managing the ETF might be Coinbase Custody, while BNY Mellon Asset Servicing handles the administrative tasks.

Grayscale’s pass follows a growing trend of firms applying for spot Solana ETFs. Competitors like VanEck, 21Shares, and Bitwise have also filed similar applications, joining the race to bring Solana ETFs to market. This move comes as Solana’s rate has a visible brilliant increase, with a 277% growth inside the closing 12 months.

The Securities and Exchange Commission (SEC) has begun examining applications for several Solana Exchange-Traded Funds (ETFs). Grayscale is optimistic that the approval process might be expedited because of recent positive crypto developments in the U.S. Grayscale’s proposed ETF aims to mirror Solana’s price changes, just like its well-received Bitcoin and Ethereum ETFs.

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2024-12-04 09:40