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Grayscale Files for Solana ETF With NYSE Arca Amid Expanding Crypto Offerings
Crypto asset manager Grayscale is looking to convert its $120 million Grayscale Solana Trust (GSOL) into a spot ETF after U.S. exchange NYSE Arca filed form 19b-4 with the SEC on Tuesday, proposing the conversion of GSOL into a spot solana (SOL) ETF.
The filing makes Grayscale the fifth asset manager seeking to establish a spot solana ETF this year. Vaneck, 21shares, Bitwise, and Canary are the other four firms that have already submitted similar filings.
Grayscale solana ETF filing (James Seyffart/X)
The SEC approved eleven spot bitcoin ETFs earlier this year in January and subsequently greenlighted multiple ether spot ETFs in July. A solana ETF would provide additional diversity to the current lineup of crypto spot ETF offerings available to retail investors.
Grayscale announced that it had just under $50 billion in assets under management in 2021, then $32 billion in 2022. That number has since fluctuated, but the company continues to be one of the largest digital asset managers in the country.
“Our suite of crypto products provides exposure to 29 digital assets…as of December 2, 2024,” the company posted on X.
Solana is currently the fifth largest cryptocurrency by market capitalization at more than $111 billion, according to data from CoinGecko.
SOL is currently trading at $234.73, up 5.3% over the past 24 hours at the time of reporting.