Grayscale Investments has filed with the New York Stock Exchange (NYSE) to convert its Grayscale Solana Trust (GSOL) into a spot Solana exchange-traded fund (ETF). If approved, this would mark the asset manager’s entry into the increasingly competitive spot Solana ETF market in the United States.
Grayscale’s Solana ETF Filing
The 19b-4 filing today aims to uplist the GSOL product, which is currently traded over-the-counter, to the NYSE Arca platform, enabling broader investor access. This move aligns with a growing trend among asset managers seeking approval for spot Solana ETFs, a development signaling increased institutional interest in SOL as crypto ETFs gain momentum.
BREAKING: @Grayscale FILES FOR SOLANA ETF WITH @NYSE pic.twitter.com/jSx7fGDFjA
— DEGEN NEWS (@DegenerateNews) December 3, 2024
Grayscale’s application brings the total number of spot Solana ETF filings in the U.S. to five. While the SEC has yet to approve a spot SOL ETF, the latest filing reflects the industry’s ongoing push to expand regulated crypto investment products. Approval would offer investors direct exposure to Solana’s native token, SOL.
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Nonetheless, with the changing leadership at the SEC, such an approval could be secured in 2025. Recent reports indicate that President-elect Trump is eyeing Paul Atkins for the SEC Chairman’s role as Gary Gensler will make his exit on January 20. This further solidifies hopes of approval of several altcoin ETFs.
Is Grayscale XRP ETF Next?
Earlier this year, Vaneck, 21Shares, Bitwise and Canary Capital filed for a spot SOL ETF alongside XRP ETFs. Grayscale has now joined the league with today’s filing.
Moreover, in September, the asset manager created an XRP Trust, which signaled its interest in Ripple’s native token. If the firm follows the trend, then netizens also expect another XRP ETF filing on the way. Moreover, the optimism around such a filing has surged owing to renowned investment firm WisdomTree’s latest SEC filing for an XRP ETF.
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Also Read: WisdomTree Officially Files for XRP Spot ETF S-1 with SEC
