Grayscale Investments, a number one digital asset supervisor, has filed with the US Securities and Trade Fee (SEC) to transform its present Solana Belief right into a spot Solana exchange-traded fund (ETF).
The proposed ETF, buying and selling below the ticker GSOL, would offer buyers with direct publicity to Solana (SOL) with out requiring them to carry the crypto itself. If authorized, it is going to be listed on the New York Inventory Trade.
Grayscale Leads in Solana Funding
In accordance with the submitting, GSOL would intention to immediately observe SOL’s worth, just like the construction of Grayscale’s present Bitcoin and Ethereum trusts. Coinbase Custody would function the custodian for the ETF, whereas BNY Mellon would deal with administration and switch companies.
The Grayscale Solana Belief is already the biggest Solana funding fund globally, with $134.2 million in property below administration. As per the submitting, the belief’s Solana holdings symbolize roughly 0.1% of all SOL in circulation.
Nevertheless, Grayscale will not be the one institutional participant within the race. Rival funds reminiscent of 21Shares, Canary Capital, VanEck, and Bitwise are additionally looking for the SEC’s approval to launch spot Solana ETFs.
Coincides With Solana Worth Rise
The competitors comes at a time when Solana’s worth has skilled a meteoric rise, gaining 277% over the previous 12 months and pushing its market worth above $112 billion.
Following Grayscale’s announcement, SOL surged 6% to $237 after briefly dropping to $217 the day prior to this, as per CoinMarketCap knowledge.
On the Flipside
- The SEC has but to approve any spot Solana ETFs.
- Solana’s historical past of community disruptions and issues over its decentralization may appeal to extra regulatory scrutiny.
Why This Issues
Grayscale’s transfer highlights rising institutional curiosity in Solana as a blockchain platform identified for its scalability and low transaction prices. If authorized, GSOL would make Solana extra accessible to conventional buyers, probably boosting adoption and market liquidity.
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