Grayscale Investments has filed a proposal with the U.S. Securities and Alternate Fee to transform its Grayscale Solana Belief (GSOL) right into a spot exchange-traded fund listed on NYSE Arca.
The transfer goals to enhance investor entry to Solana (SOL) by permitting shares of the belief to commerce as an ETF on a regulated trade, in accordance with a 19b-4 doc submitted Tuesday.
Grayscale, which presently operates the belief as an over-the-counter product, stated the ETF conversion would improve SOL’s worth monitoring and get rid of inefficiencies attributable to its unlisted construction.
Grayscale’s submitting is the most recent of a number of requests by crypto asset managers to supply spot Solana ETFs within the U.S., shortly after the re-election of pro-crypto U.S. President-elect Donald Trump final month reignited traders’ curiosity in digital belongings.
VanEck and 21Shares filed to problem spot Solana ETFs final summer season, whereas Canary Capital utilized to launch a Solana-based ETF in October. In the meantime, Bitwise Asset Administration made strikes towards making use of for a spot Solana ETF final month.
An ETF is a sort of economic instrument that enables for the monitoring of a specific asset’s worth by holding that asset in reserve. A spot Solana ETF would enable institutional and retail traders to achieve publicity to Solana with out requiring them to carry the token themselves.
Grayscale stated its Solana Belief manages $134.2 million in belongings, representing 0.1% of all SOL in circulation, per the doc. The belief’s shares are presently traded below the ticker image “GSOL” on OTC markets.
Suntil, Grayscale expects the ETF itemizing to extend liquidity and align the belief with different mainstream monetary merchandise, it stated. It follows Grayscale’s profitable conversion of its Bitcoin Belief (GBTC) right into a spot Bitcoin ETF in January, adopted by its Ethereum Belief (ETHE) right into a spot Ethereum ETF in July.
Crypto-based spot ETFs have gained traction in current months amid a shift in regulators’ attitudes towards digital belongings within the U.S., with spot Bitcoin ETFs and their Ether-based counterparts gaining approval to commerce earlier this 12 months.
These developments have fueled traders’ hopes that spot Solana ETFs may quickly clinch federal regulatory approval to start buying and selling within the U.S. as nicely.
Additionally including to traders’ optimism on the probability of spot Solana ETF approvals are rumors that crypto-friendly former regulator Paul Atkin is Trump’s favourite to chair the SEC. Politico first reported the information final week.
Solana is buying and selling 5% larger on the day to $235, CoinGecko knowledge reveals.
Edited by Sebastian Sinclair
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