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Grayscale filed for a Solana ETF in the United States on Tuesday, taking the rivalry with Bitcoin and Ethereum to the next level. The Grayscale Spot ETF filing has opened a new chapter in its rivalry against top dogs in the digital asset management space.&nbsp; 
 
According to international media reports, Grayscale has joined its rivals Canary Capital, Bitwise, 21Shares, and VanEck in the race to roll out a Solana ETF. 
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<h2 id="b-solana-heads-north-after-grayscale-spot-etf-filing-b">Solana Heads North After Grayscale Spot ETF Filing</h2> 
The move has sparked renewed interest in Solana, which fell to $223 earlier on Tuesday. On Tuesday evening, it was seen trading at $239.27. At the time of writing this piece, Solana was trading at $236.35, with a 5.14% increment in the last 24 hours. In the last month or so, Solana’s price has skyrocketed by 45.00% to $236, during which it hit this year’s peak of $264.18 in November 2024.&nbsp; 
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<h2 id="b-grayscale-joins-the-race-to-launch-solana-etf-in-the-us-b">Grayscale Joins the Race to Launch Solana ETF in the US</h2> 
According to the details, the digital asset management company Grayscale Investments filed with the United States Securities and Exchange Commission (SEC) to roll out a Spot Solana Exchange-Traded Fund (ETF). The Grayscale Spot ETF is the latest by the company after rolling out its Bitcoin ETF earlier this year.&nbsp; 
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<img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-73741 aligncenter" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/12/05.webp" alt="Will This New Grayscale Spot ETF Overshadow Bitcoin and Ethereum ETFs?" width="1792" height="1024" title="Will This New Grayscale Spot ETF Overshadow Bitcoin and Ethereum ETFs? 52"> 
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After the SEC approval, the Grayscale Solana Trust would trade on the New York Stock Exchange under the ticker GSOL. As per the company’s 19b-4 filing with the SEC on December 3, 2024, the Grayscale Solana Trust is set to be a conversion of the existing Grayscale Solana Trust into a Spot ETF. This would be a replica of its earlier practice of converting Grayscale into its Spot Bitcoin ETF. 
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<h2 id="b-world-s-largest-solana-investment-fund-on-the-cards-b">World’s Largest Solana Investment Fund on the Cards</h2> 
The Grayscale Investment Fund said in its filing to the SEC, “The Trust is the world’s largest Solana investment fund by assets under management as of the date of this filing.” According to the official document, the digital asset management company currently holds around $134.2 million in assets under its management. 
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The company holds around 0.1% of all Solana tokens in circulation. The 19b-4 filing with the SEC also revealed that Coinbase Custody would be the custodian for Grayscale Spot ETF, whereas BNY Mellon Asset Servicing, which is a division of The Bank of New York Mellon, would be the administrator and transfer agent of the Trust.&nbsp; 
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<h2 id="b-how-grayscale-spot-etf-filing-intensifies-rivalry-with-top-dogs-b">How Grayscale Spot ETF Filing Intensifies Rivalry with Top Dogs?</h2> 
Grayscale’s bid to launch the Spot Solana ETF has put it in the league of top dogs like 21Shares, VanEck, Canary Capital, and Bitwise, awaiting approval from the SEC for their spot SOL ETF.&nbsp; 
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<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-73743" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/12/02.webp" alt="Will This New Grayscale Spot ETF Overshadow Bitcoin and Ethereum ETFs?" width="1792" height="1024" title="Will This New Grayscale Spot ETF Overshadow Bitcoin and Ethereum ETFs? 53"> 
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Interestingly, another big player is about to join the Spot Solana ETF race to intensify the competition further. According to US media reports, Franklin Templeton is also mulling the launch of a Solana ETF at the American bourses. 
US media reported that Grayscale would have to annex its 19b-4 filing with an S-1 registration statement to inform the SEC of a proposed amendment in rule by a self-regulatory organization, i.e. a financial regulatory body or stock exchange. The approved S-1 form would clear the way for Grayscale to list its GSOL on a public stock exchange.&nbsp; 
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<h2 id="b-what-s-next-after-grayscale-spot-etf-filing-b">What’s Next After Grayscale Spot ETF Filing?</h2> 
Grayscale Investments’ endeavours to launch a Spot Solana ETF have opened a floodgate of interest and opportunities in the crypto market. Solana’s price jumped by almost 5% after the Grayscale Spot ETF filing to the SEC. As other competitors look to stay ahead of the curve against Grayscale, the competition has gone up a notch. 
Solana has been turning heads this year, giving Ethereum a good run for its money as the biggest altcoin. <a href="https://coinmarketcap.com/currencies/solana/" rel="nofollow noopener" target="_blank">SOL price</a> has jumped by over 277% this year to attain a market cap above $112 billion. It has been one of the best performers since Donald Trump’s victory in the US Elections 2024, surpassing the key barrier of $260 before reaching an all-time high on November 23. <a href="https://www.coinspeaker.com/could-solana-hit-1500-by-2025-solana-price-future-potential/" rel="nofollow noopener" target="_blank">Crypto analysts and experts</a> believe that Solana’s price potential is way larger than what meets the eye. According to a school of thought, Solana’s price is likely to appreciate as much as $1,500 by 2025 if it manages to keep its current momentum.&nbsp; 
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<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-73745" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/12/03.webp" alt="Will This New Grayscale Spot ETF Overshadow Bitcoin and Ethereum ETFs?" width="1792" height="1024" title="Will This New Grayscale Spot ETF Overshadow Bitcoin and Ethereum ETFs? 54"> 
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Will the SEC allow Grayscale and others to launch the Spot Solana ETF? Will the Grayscale Spot ETF have a drastic positive effect on Solana’s price? Will it challenge the hegemony of Bitcoin ETFs and Ethereum ETFs? The next few months will raise the curtain on Solana’s real price potential and its ability to challenge the top players in the ETF market.&nbsp; 
Stay tuned to<a href="https://www.thebitjournal.com/"> The Bit Journal</a> to learn more about Solana’s price movement, predictions, and how its potential Grayscale Spot ETF launch will keep stakeholders interested. Follow us on<a href="https://twitter.com/Thebitjournal_" rel="nofollow noopener" target="_blank"> Twitter</a> and<a href="https://www.linkedin.com/company/the-bit-journal/" rel="nofollow noopener" target="_blank"> LinkedIn</a>, and join our<a href="https://t.me/thebitjournal" rel="nofollow" target="_blank"> Telegram channel</a> to be instantly informed about the top crypto breaking news! 
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Will This New Grayscale Spot ETF Overshadow Bitcoin and Ethereum ETFs?

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