- Grayscale has filed to list a spot Solana ETF with the NYSE Arca, joining a growing roster of firms like VanEck and 21Shares.
- Solana’s price surged to $237.02 following Grayscale’s announcement and ongoing speculation about the SEC’s stance on crypto ETFs.
Grayscale, a leading cryptocurrency asset manager announced that it has filed to list a spot Solana ETF with the New York Stock Exchange. This latest filing joins a bigger list of firms who have raised interest in listing the product in the United States.
As per the filing, DCG’s subsidiary proposes to list the Grayscale Solana Trust as a fully-fledged exchange-traded fund (ETF) on the NYSE Arca exchange. The ETF will be subject to the provisions of Rule 19b-4.
This filing joins a list of renowned market competitors including Canary Capitals, VanEck, 21Shares, and Bitwise which have made a similar move.
On the same, November 5 was a fundamental date for the cryptocurrency landscape. President-elect and pro-crypto Donald Trump won the presidential elections. With the change in leadership, the cryptocurrency community anticipates a shift in the leadership, most importantly in the U.S SEC.
Donald Trump had earlier on promised to fire Gary Gensler on day one of office. In a suprising twist of fate, Gary Gensler, the U.S. financial regulator who crypto investors loved to hate announced that he would be leaving the Securities and Exchange Commission on Jan. 20.
The fate of Solana ETFs hangs in the balance as the SEC’s decision looms large on crypto X. While Bloomberg Senior ETF Analyst James Seyffart anticipates approval, he remains uncertain about the timeline.
Will BlackRock and Fidelity File for Solana ETFs?
When asked if the influx of ETF filings from major players like BlackRock and Fidelity could potentially expedite the approval process, Seyffart acknowledged the possibility. However, he cautioned that a new SEC administration, while potentially more open to cryptocurrencies, might still prioritize a cautious approach. Even if the new leadership were more accommodating to the industry, they might not rush to approve these products.
Beyond Solana, the crypto ETF landscape is expanding to include Litecoin, XRP, and Hedera. As the industry evolves, we can anticipate further filings from asset managers seeking to capitalize on the growing demand for digital asset exposure.
As Grayscale vies for market share and regulatory approval, its Solana ETF filing is closely monitored. A green light could pave the way for a new wave of spot crypto ETFs, potentially revolutionizing the integration of blockchain assets into traditional finance.
Solana’s Price Performance
Solana’s recent development have coincided with SOL’s price movement. At the time of writing, SOL is swapping hands with $237.02 representing a 4.66% surge in the past 24 hours. On a broader scale, the digital asset has recordeed a 0.96% and 46.61% in the past week and month respectively.
Additionally, the asset’s market cap has undergone a 4.43% surge stopping at $112.72B with a 24 hour trading volume of $8.58B.
