The post Grayscale Files for Solana ETF Amid Institutional Interest in SOL appeared on BitcoinEthereumNews.com.

Grayscale Investments has filed for a Solana-based ETF with the NYSE, highlighting Solana’s importance as a leading cryptocurrency and blockchain company. The Connecticut-based company launched the Grayscale Solana Trust (GSOL) in 2021. If their proposal is approved, they could convert it into a Solana spot ETF. On December 3, Grayscale Investments, one of the world’s largest digital asset management firms, formally submitted an application to the New York Stock Exchange (NYSE) for a Solana Exchange-Traded Fund (ETF).  In the 112-page filing under Rule 19b-4, the Digital Currency Group (DCG) subsidiary pointed out that a significant portion of Solana’s assets is held by around a quarter of a million investors across the United States. If the commission approves the filing, Grayscale would become the first issuer of a Solana ETF, having already managed the assets for the upcoming Solana spot ETF. Notably, the trust manages approximately $134.2 million in assets, which represents about 0.1% of the total Solana supply. With this submission, Grayscale becomes the fifth asset manager to seek approval for a Solana ETF, following previous filings by VanEck, 21Shares, Canary Capital, and Bitwise. These firms were among the first to propose such a product after the successful launches of Bitcoin (BTC) and Ethereum (ETH) ETFs in January and July, respectively.  James Seyffart, a Senior ETF Analyst at Bloomberg, is optimistic about the approval of a Solana Exchange-Traded Fund. However, he voiced uncertainty regarding the timing of its approval. According to his estimates, the product may be approved as soon as August 2025, although it could take until 2026. As we have stated in multiple reports, Solana is distinguished by its robust fundamentals, including high scalability and speed as the fastest layer-1 blockchain. Its vibrant ecosystem features a strong NFT marketplace and significant DeFi activity, attracting developers. Additionally, BlackRock’s and…

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Filed under: News - @ December 5, 2024 4:32 am