Grayscale Files to Convert Its Solana Trust to an ETF
The post Grayscale Files to Convert Its Solana Trust to an ETF appeared on BitcoinEthereumNews.com.
Grayscale has filed for a Solana ETF as the investment products gain momentum following the remarkable successes of the Bitcoin and Ethereum ETFs. Grayscale and the New York Stock Exchange (NYSE) have applied for a Solana exchange-traded fund (ETF). In a Tuesday filing, the asset manager filed with the US Securities and Exchange Commission (SEC) to convert its Solana Trust investment product to an ETF. The $13 trillion asset management firm disclosed in the filing that it intends to list the ETF product on the NYSE Arca. Per the 19b-4 filing, the fund will track Solana’s price performance and reward its holders accordingly. Notably, Grayscale launched the Grayscale Solana Trust (GSOL) in November 2021, with the fund recently accruing an asset under management (AUM) of $134 million. However, the fund is only traded on the over-the-counter (OTC) market, limiting its investor reach. With the filing, the asset manager aims to broaden the fund’s reach to potential investors, providing alternative means of exposure to the fourth-largest cryptocurrency by market cap. Grayscale Forays into Solana ETF The Tuesday filing ensured that Grayscale became the fifth asset manager to file for a Solana ETF. Ark’s 21Shares and VanEck were the first to indicate interest in the product, with Bitwise and Canary Capital joining the bandwagon later. Notably, Grayscale played an essential role in approving the Bitcoin spot ETF in January, with its lawsuit against the SEC catalyzing a change of heart among the agency’s hierarchy. The asset manager also has an Ethereum spot ETF, which started trading months back. Meanwhile, analysts expect positive outcomes on the ETF approval front following Donald Trump’s win and Gary Gensler’s expected resignation. Bloomberg analyst Eric Balchunas earlier asserted that the Solana ETF would not see the light of day unless there is a change in the White…
Filed under: News - @ December 4, 2024 3:24 pm