By Key Points
- Grayscale has filed its Spot Solana ETF application with the NYSE.
- The price of Solana, or Sola as it is most referentially known, surged upto 7% and is currently trading close to about $240.
- The approval is being delayed while the Solana expansion continues to grow.
- Grayscale Solana Trust is the biggest with assets under management of $134.2M.
Grayscale Investments, a leading crypto asset manager, has filed for its Spot Solana ETF with the New York Stock Exchange (NYSE). Aimed at investors wanting regulated exposure to Solana (SOL), the ETF was filed with the SEC on December 4, 2024.
This comes after the successful launches of Bitcoin and Ethereum ETFs and opens a new chapter for altcoins, particularly Solana.
Solana has quickly become one of the more flexible ecosystems in the crypto world, and it is popular due to its coverage of dApps and DeFi within its blockchain.
The Spot Solana ETF approval opens doors into the institutional market, bringing more weight to the SOL as an investment.
🚨 BREAKING 🚨
GRAYSCALE HAVE JUST FILED FOR
SOLANA $SOL SPOT ETF WITH NYSE.GIGA BULLISH FOR $SOL 🔥 pic.twitter.com/ERJ2QzUnFy
— Ash Crypto (@Ashcryptoreal) December 3, 2024
SEC Greenlight- What’s Coming Next For Solana Based ETFs?
So far, and as part of my 2024 forecast, the SEC under Gensler’s leadership has approved some Bitcoin and Ethereum-based ETFs, something that boosted the market’s confidence.
Now that the SEC is looking into a Spot Solana ETF, the question is, whether this momentum will extend to altcoin-based ETFs as well.
Grayscale is presenting an application to convert its Solana Trust into a fully regulated Exchange-Traded Product. The company is optimistic that this shift will offer investors an easier, more efficient, and safer means of getting access to Solana.
Breaking: @Grayscale files for Solana Spot $SOL ETF with @NYSE.
19b-4 rule change filed. pic.twitter.com/4rD8cZvtg1
— MartyParty (@martypartymusic) December 3, 2024
Currently, the Grayscale Solana Trust is the biggest investment vehicle focusing on Solana with a total of held assets worth SOL 134.2 million which is about 0.1 percent of the token circulation.
The crypto market is anticipating a decision in the incentive given that the current leadership team of the SEC is supposed to leave by January 2025.
If the Spot Solana ETF receives approval, then it could become the third most important cryptocurrency investment vehicle after Bitcoin and Ether.
SOL’s Market Response—A Price Increase
The investors welcomed the announcement of the application with open arms. Many investors across the globe have expressed interest in buying the token due to the expected approval of the Spot Solana ETF setting the target price at $240 with an increase in trading volumes of around 20%.
Should the ETF receive the green light, it may open up new channels of liquidity and further cement Solana’s status as a dominant altcoin.
Considering its increasing usage within DeFi and NFT environments together with a strong network, Solana is strategically positioned to gain from a heightened interest from institutions.
Should the ETF receive the green light, it may open up new channels of liquidity and further cement Solana’s status as a dominant altcoin.
Considering its increasing usage within DeFi and NFT environments together with a strong network, Solana is strategically positioned to gain from a heightened interest from institutions.
