The post Grayscale files application to convert Solana trust into spot ETF appeared on BitcoinEthereumNews.com.

Grayscale Investments has taken another step to expand its footprint in the digital asset market, filing with the US Securities and Exchange Commission (SEC) to convert its Grayscale Solana Trust into a spot exchange-traded fund (ETF). If approved, the ETF would trade under the ticker symbol GSOL on the New York Stock Exchange, offering investors direct exposure to Solana (SOL), one of the fastest-growing blockchain platforms in the crypto ecosystem. The filing, submitted as a 19b-4 request, marks Grayscale’s continued push to transform its existing crypto trusts into fully regulated ETFs. The firm has already achieved this for its flagship Bitcoin and Ether investment products, which now trade as spot ETFs following SEC approval earlier this year. According to the filing, the Grayscale Solana Trust is currently the world’s largest Solana-focused investment fund, managing approximately $134.2 million in assets as of the filing date. The news caused SOL to surge almost 7% to $238 before a minor retrace to $234 as of press time. Heightened competition Grayscale’s move comes amid intensifying competition among asset managers seeking to launch the first spot Solana ETF. Other players, including 21Shares, Canary Capital, VanEck, and Bitwise, have already submitted similar filings, signaling a race to secure regulatory approval. The growing interest reflects Solana’s rising prominence in the crypto space, fueled by its rapid adoption and innovative technology. Over the past year, Solana has experienced a 275% surge in value, driven by its appeal as a scalable and cost-efficient alternative to Ethereum. Its current market capitalization exceeds $110 billion, making it one of the largest cryptocurrencies by market value. This meteoric rise has increased demand for investment products tied to Solana, positioning ETFs as a convenient entry point for institutional and retail investors alike. Regulatory Uncertainty Lingers Despite the enthusiasm, the SEC has yet to…

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Filed under: News - @ December 3, 2024 11:22 pm