Grayscale Investments filed an exchange-traded funds (ETFs) for Solana SOL with the New York Stock Exchange on Tuesday. filing. Only weeks after NYSE received SEC approval Grayscale wants to launch the Solana ETF by opening up options on Bitcoin ETFs.
Grayscale Files for Solana $SOL ETFs with NYSE.
— Watcher.Guru (@WatcherGuru) December 3, 2024
The crypto community has been swept up by the ETFs that are based on cryptocurrency in 2024. SEC Approved 11 Bitcoin (BTC), spot ETFs to start the year. BTC reached a new high of all time in March after the launch. BTC’s ETFs paved the way for Ethereum (ETH), which was launched a few weeks later. Crypto community braces for the launch of other altcoin ETFs. Solana (SOL) The next person in line.
Grayscale’s Bitcoin Trust is one of the best-performing BTC ETFs ever since it was launched in January. Due to recent growth in the Solana eco-system and the native cryptocurrency it uses, companies are scrambling around to add a futures ETF to the token. After XRP-based ETFs are approved, 2025 may be a bigger year in crypto than 2024.
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Grayscale Solana Trust, the largest of its type in the entire world. According to assets under management, as of yesterday, The Trust is currently the largest OL fund. The Trust manages assets worth approximately $134.2 Million. To put this in context, 0.1% represents all SOL. Grayscale believes, according to its filing, that by allowing shares of the Trust to be listed and traded on the Exchange, as an ETP, (i.e. converting the Trust into a spot SOL-ETP), it would give other investors a secure and safe way to invest SOL at a national securities exchange.
In addition, recent SEC shakeups have led to the Solana ETFs hoping for a quicker approval. The United States could get its third ETF that is crypto-based in 2024 if the approval goes through. Bitcoin became the first to receive regulatory approval, in January. Ethereum was soon to follow. Though BTC proved immensely successfulETH still has not achieved the same results.
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Source: watcher.guru
