Grayscale Solana ETF Was Filed 19b-4 Application to SEC

Grayscale Solana ETF Was Filed 19b-4 Application to SEC

Key Points:

  • Grayscale has applied to the SEC to convert its $134.2 million Solana Trust into an ETF.
  • Following Gary Gensler’s resignation, there has been a surge in crypto ETF filings, including Grayscale Solana ETF and Ethereum-based products, as well as Bitwise’s Dogecoin ETF.

Grayscale Investments, a leading crypto asset management firm, has submitted an application via the 19b-4 to the SEC for transforming its Grayscale Solana Trust into an exchange-traded fund.

Read more: Grayscale Helium Trust Registered in Delaware

Grayscale Solana ETF Seeks Approval From SEC

Filed on Friday, the Grayscale Solana ETF aims to provide a regulated investment option for Solana (SOL), one of the largest blockchain networks.

Currently, the Grayscale Solana Trust has about $134.2 million in assets under management or roughly 0.1% of all outstanding SOL. Its status as a non-exchange-traded product has caused a decoupling between the value of the trust’s shares and that of the underlying SOL.

Changing the trust to the Grayscale Solana ETF positions Grayscale for increased security with an offer to investors of a transparent and regulated vehicle to trade Solana on national exchanges.

SEC Suggests It Might Approve Cryptocurrency ETFs

Grayscale Solana ETF filing is one among a string of crypto-related ETF applications filed in the wake of Gary Gensler’s resignation as Chair at the SEC. Grayscale has also filed for other crypto-based ETFs, including one linked to a synthetic Ethereum position.

Aside from that, Grayscale also has filings for an ETF linked to Litecoin as the second such outfit in conjunction and declared the Nasdaq clear to list that fund when this happens.

Meanwhile, the remainder of the crypto-asset managers have similarly been hot in pursuit of regulatory endorsement of new ETF products. Bitwise has filed for a Dogecoin ETF, among others. Osprey Funds and Rex Shares have each filed as many as seven, including one based on the TRUMP meme coin.

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