Grayscale Investments submitted a proposal at the U.S. Securities and Exchange Commission for the conversion of its Grayscale Solana Trust into a spot-exchange traded fund that is listed on NYSE Arca.
A 19b-4 says that the goal is to make it easier for investors to access Solana. Documents submitted Tuesday.
Grayscale, which currently operates the trust as an over-the-counter product, said the ETF conversion would enhance SOL's price tracking and eliminate inefficiencies caused by its unlisted structure.
Grayscale's filing is the latest of several requests by crypto asset managers to offer spot Solana ETFs in the U.S., shortly after the re-election of pro-crypto U.S. President-elect Donald Trump last month reignited investors’ interest in digital assets.
VanEck filed to offer spot Solana ETFs during the summer while Canary Capital submitted an application to launch a Solana ETF last October. Bitwise Asset Management also made moves towards applying for a Solana ETF spot last month.
An ETF is a type of financial instrument that allows for the tracking of a particular asset's price by holding that asset in reserve. The spot Solana ETF allows institutional and retail investors access to Solana tokens without the need to actually hold them.
Grayscale stated that its Solana Trust managed $134.2million in assets. That represents only 0.1% all SOLs in circulation. The shares of the trust are traded currently under ticker symbol “GSOL” OTC (over-the-counter) markets are a great way to get a good deal.
SGrayscale said that it expects to see the ETF listed trust increase in liquidity, and be more aligned with mainstream financial products. It follows Grayscale's successful conversion of its Bitcoin Trust (GBTC) into a spot Bitcoin ETF in January, followed by its Ethereum Trust (ETHE) into a spot Ethereum ETF in July.
In recent months, crypto-based ETFs gained popularity amid the shift in attitudes of regulators in the U.S. towards digital assets. Bitcoin ETFs: Compare them with their Ether-based equivalents Gaining approval for trading Early this year.
Investors are encouraged by these developments and hope that the spot Solana exchange-traded funds will soon be approved for trading on U.S. markets.
Also adding to investors' optimism on the likelihood of spot Solana ETF approvals are rumors that crypto-friendly former regulator Paul Atkin is Trump's favorite to chair the SEC. Politico first reported The news of last week.
CoinGecko reports that Solana has traded 5% higher today to $235. The following are some of the most effective ways to increase your ROI: shows.
Sebastian Sinclair is the editor