"Solana ETF" competition heats up! Grayscale applies to convert "Solana Trust" into an ETF

Digital asset management company Grayscale Investments is once again making a move, officially applying to convert its 'Solana Trust Fund (GSOL)' into an ETF, further expanding its product lineup.

GSOL is a closed-end fund launched by Grayscale in 2021, with currently Assets Under Management reaching 1.34 billion US dollars. The ETF transformation proposal has been submitted by NTYSE Arca, a subsidiary of the New York Stock exchange, in 19b-4 documents to notify the U.S. Securities and Exchange Commission (SEC) of this proposed rule change.

Solana ETF competition heats up as Grayscale joins the race.

With the warming of the encryption currency market, major asset management companies have set their sights on Solana ETF. Grayscale's application this time has increased the number of competing asset management companies to 5. Other participants include Bitwise, VanEck, 21Shares, and Canary Capital, all of whom announced earlier this year their intention to apply for the launch of Solana ETF.

It is worth mentioning that Grayscale has successfully transformed its flagship funds BTC and Ether Trust into ETFs, and the layout of the Solana Trust this time can not only bring more options to investors, but also an important step for the company to continue its product innovation strategy.

Solana rebounds strongly, and the market has high hopes for ETF

After the news came out, SOL rose more than 5.2% to $240.14 today (4), indicating a high market expectation for Solana ETF.

The year 2024 could be a year of great brilliance for Solana. From the beginning of the year to now, it has experienced a big pump of over 130%, becoming a bright spot in the cryptocurrency market. Since early November, when the US President-elect Trump promised to promote a more friendly regulatory environment for the cryptocurrency industry, Solana's rise has been even more remarkable.

"Fox Business" reporter Eleanor Terrett revealed last month that the U.S. SEC is currently in "constructive" discussions with multiple ETF issuers to discuss the details of launching a Solana ETF.

She cited that the SEC has started to actively process S-1 applications, which is an important procedure for applying for ETF listing. She said:

With the gradual emergence of Trump's cryptocurrency-friendly policies, market confidence in the approval of Solana ETF is constantly increasing.

The 'Solana ETF' competition is heating up! Grayscale applies to convert 'Solana Trust' into ETF. This article was first published in 'Blocklike'.