Grayscale Files for Solana ETF Amid Growing Crypto Investment Wave

Grayscale Investments is making moves to introduce a Solana (SOL) exchange-traded fund (ETF), as revealed in a recent filing with the New York Stock Exchange.

This follows the NYSE’s approval for Bitcoin ETF options trading, potentially setting the stage for the first-ever Solana-focused ETF.

Crypto-based ETFs have dominated 2024, with the SEC approving spot Bitcoin ETFs early in the year, driving Bitcoin to an all-time high in March. Ethereum ETFs soon followed, and now attention is shifting to altcoins like Solana, which is poised to lead the next wave of ETF launches.

Grayscale’s Bitcoin Trust has already achieved significant success since its January debut. The firm’s Solana Trust, managing $134.2 million in assets—or roughly 0.1% of all SOL in circulation—is currently the largest SOL-focused fund. Grayscale aims to convert this trust into a spot ETP, providing a secure and regulated investment avenue for Solana on a recognized exchange.

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With regulatory shifts at the SEC, Solana ETFs could see faster approval compared to Bitcoin and Ethereum. If approved, it would be the third major U.S. crypto ETF of 2024, potentially carving out its own success alongside Bitcoin’s strong performance and Ethereum’s steadier entry into the market.

Kosta Gushterov