Grayscale Investments files for Solana ETF conversion, joining rivals in competing for SEC approval in the cryptocurrency space.
Grayscale Aims to Launch Solana ETF
Grayscale Investments has filed with the SEC to convert its Solana Trust into a spot Solana exchange-traded fund (ETF).
$SOL pump incoming? I think it will run soon towards $350
The proposed ETF, under the ticker GSOL, would trade on the New York Stock Exchange if approved, as per the Dec. 3 filing.
Largest Solana Investment Fund
The filing revealed the Grayscale Solana Trust holds $134.2 million in assets, representing the largest Solana investment fund globally.
Grayscale’s holdings make up roughly 0.1% of all SOL in circulation, highlighting its prominence in Solana investments.
Trusted Custodians for the ETF
Coinbase Custody would serve as the custodian for the ETF. BNY Mellon Asset Servicing is set to manage administration and transfer duties.
These trusted names in the financial industry underscore the reliability of Grayscale’s ETF proposal.
Rising Competition in Solana ETFs
Grayscale faces competition from 21Shares, VanEck, Canary Capital, and Bitwise, who have all filed similar ETF proposals. Franklin Templeton is also considering entering the space, reflecting increasing interest in Solana-backed ETFs.
NEW: @Grayscale & @NYSE just filed to convert the Grayscale Solana Trust — $GSOL — to an ETF
SEC Filing Requirements
Grayscale must submit an S-1 registration statement to accompany its 19b-4 filing. This step is essential for listing GSOL publicly. The SEC approval process remains competitive, with Grayscale’s past experience potentially influencing the decision-making process.
Solana’s Market Growth Fuels Interest
The price of Solana (SOL) has surged by 277% over the last year, with a current market cap exceeding $112 billion. As of now, SOL trades at $238, up 4% since Grayscale’s filing, reflecting heightened investor interest.
Outlook on the Grayscale Filing
If approved, the Grayscale Solana ETF could set a benchmark for future cryptocurrency ETFs, expanding investor access to Solana. The race for a spot Solana ETF showcases growing acceptance of crypto-assets in mainstream financial markets.
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