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Grayscale files with SEC for spot Solana ETF listing

Grayscale files with SEC for spot Solana ETF listing

GrafaGrafa2024/12/04 03:20
By:Mahathir Bayena

Grayscale Investments has filed with the U.S. Securities and Exchange Commission (SEC) to launch a spot Solana (CRYPTO:SOL) exchange-traded fund (ETF), which could be listed on the New York Stock Exchange.

The filing, submitted on December 3 under a 19b-4 form, outlines the proposed conversion of Grayscale’s existing Solana Trust into a spot ETF, similar to how it transitioned its Bitcoin (CRYPTO:BTC) and Ether (CRYPTO:ETH) trusts into ETFs.

Grayscale’s Solana Trust, which is the largest Solana investment fund in the world by assets under management, holds approximately $134.2 million in assets.

The Trust currently owns about 0.1% of all Solana (SOL) in circulation.

If the ETF is approved, it would be managed by Coinbase Custody, with BNY Mellon Asset Servicing acting as the administrator and transfer agent.

Grayscale’s filing comes as the competition for a spot Solana ETF intensifies, with other asset managers like 21Shares, Canary Capital, VanEck, and Bitwise also seeking approval from the SEC.

Franklin Templeton is also reportedly exploring the possibility of launching its own Solana ETF.

In addition to the 19b-4 filing, Grayscale would need to submit an S-1 registration statement, which would allow it to list the ETF on a public exchange.

The surge in Solana's price, which has risen 277% over the past year, has spurred increased interest in listing a spot SOL ETF.

At the time of reporting, the Solana price was $237.21.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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