Fuel

Solana

President Donald Trump

<ul class="wp-block-list">
 <li>Grayscale has filed with the SEC to convert its Solana Trust into a spot ETF.</li>
 <li>Competitors like 21Shares and VanEck are also vying for spot Solana ETFs.</li>
</ul>
Grayscale Investments has officially filed with the U.S. Securities and Exchange Commission (SEC) to convert its Grayscale Solana Trust (GSOL) into a spot exchange-traded fund (ETF) listed on NYSE Arca.
Grayscale’s<a href="https://www.nyse.com/publicdocs/nyse/markets/nyse-arca/rule-filings/filings/2024/SR-NYSEArca-2024-110.pdf" rel="noopener noreferrer nofollow"> filing </a>comes amid growing demand for cryptocurrency-based ETFs, a trend that gained momentum in early 2024 with the SEC’s approval of 11 spot Bitcoin ETFs. These ETFs sparked a market rally, with Bitcoin reaching a record high in March, followed by Ethereum-based ETFs later in the year. Solana’s recent market strength, coupled with its ecosystem’s expansion, has intensified interest in altcoin-based ETFs.
The Grayscale Solana Trust, currently the largest SOL investment fund globally, manages $134.2 million in assets, representing 0.1% of all SOL <a href="https://x.com/solana" target="_blank" rel="noopener noreferrer nofollow">tokens</a> in circulation. Grayscale anticipates that converting the trust into an ETF will improve liquidity, enhance price tracking, and offer investors regulated exposure to Solana.
<h3 class="wp-block-heading" id="h-the-road-ahead-for-solana-etfs">The Road Ahead for Solana ETFs</h3>
Grayscale’s move aligns with similar efforts from asset managers such as VanEck, Bitwise, and Canary Capital, who have also filed for spot Solana ETFs. Market optimism has surged following the re-election of pro-crypto President Donald Trump and the anticipated appointment of a crypto-friendly <a href="https://thenewscrypto.com/coinbase-secures-nydfs-license-and-expands-globally/" target="_blank" rel="noopener noreferrer nofollow">SEC</a> chair, Paul Atkin.
The success of Grayscale’s previous ETF conversions Bitcoin in January and Ethereum in July offers a promising precedent. However, the performance of these ETFs has varied significantly. While Bitcoin ETFs recorded $31 billion in net inflows, Ethereum ETFs have lagged, with cumulative net inflows of $597.55 million as of December.
News of the filing has fueled investor enthusiasm, with Solana’s price rising 3.62% to $235. The asset has surged over 130% year-to-date, supported by increased DeFi activity and broader market confidence. If approved, Grayscale’s Solana <a href="https://thenewscrypto.com/hbar-surges-past-0-24-as-etf-filing-and-ripple-rumors-fuel-derivatives-boom/" target="_blank" rel="noopener noreferrer nofollow">ETF</a> would mark the U.S.’s third crypto-based ETF and further cement the country’s position as a global leader in digital asset innovation. Highlighted Crypto News Today <a href="https://thenewscrypto.com/tezos-powered-uranium-io-launches-unlocking-access-to-ais-essential-fuel/" target="_blank" rel="noopener noreferrer nofollow">Tezos-Powered Uranium.io Launches, Unlocking Access to AI’s Essential Fuel</a>

Grayscale Files for Solana Spot ETF Listing on NYSE Amid Crypto Optimism

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