Grayscale has change into the most recent entrant into the Solana ETF sweepstakes because it seems to be to transform its present Solana Belief (GSOL) into an exchange-traded fund.
A 19b-4 submitting submitted by NYSE Arca, the alternate that may listing the fund, was made on Tuesday night. The U.S. Securities and Trade Fee (SEC) requires exchanges to submit such a submitting to tell the SEC of a proposed rule change by a self-regulatory group (SRO) resembling an alternate.
Grayscale is now the fifth asset supervisor that has filed to launch a Solana ETF, following Bitwise, VanEck, 21Shares and newly shaped Canary Capital, all of which introduced plans earlier this yr.
Grayscale already efficiently transformed its flagship Ethereum and Bitcoin trusts into ETFs earlier this yr. The corporate launched the closed-end Solana Belief in 2021 as its sixteenth funding product and it now holds $134 million in property beneath administration per this night’s submitting.
Alongside a lot of the remainder of the crypto market, Solana has seen a pointy rally this yr — notably so because the early November election of Donald Trump which promised a friendlier regulatory setting for the trade.
SOL jumped about 3% on this night’s submitting and is now forward greater than 130% year-to-date.
