Solana ETF proposed by Grayscale to the SEC

The Solana ETF is gaining more support for its launch in the United States, following Grayscale’s move to offer it to the brokerage.

Grayscale Investments, one of the largest asset managers of crypto products, filed its Solana-based exchange-traded fund (ETF) with the Securities and Exchange Commission (SEC) on December 3.

According to the 112-page 19b-4 filing, Grayscale is concerned about the importance of Solana, which is considered one of the largest cryptocurrency and blockchain companies in the world.

“In accordance with the provisions of Section 19(b)(1) of the Securities Exchange Act of 1934, as amended (the “Act” or the “’34 Act”)1 and Rule 19b-4 thereunder2 NYSE Arca, Inc. (“NYSE Arca” or “Exchange”) proposes to list and trade the following securities in accordance with NYSE Arca Rule 8.201-E: Grayscale Solana Trust (SOL) (“Trust”).

The Connecticut-based company actually launched Grayscale Solana Trust (GSOL) in 2021, like other cryptocurrencies. If this offer is accepted, they will be allowed to convert it into the Solana spot ETF.

This move follows in the footsteps of 21Shares, which has been offering the same product to the commission since June. VanEck, Bitwise and Canary Capital were also among the first asset managers to recommend the product after the success of their Bitcoin (BTC) and Ethereum (ETH) funds this year.

Before Grayscale Solana ETF

Grayscale, the pioneer of the crypto trust product, is claimed to be the world’s largest crypto fund manager, including Solana-based investments. According to the fund disclosure, the trust’s assets under management (AUM) were approximately $134.2 million, or the equivalent of 0.1% of Solana.

They also noted that numerous assets in Solana are owned by a quarter of a million investors in the United States. If the commission agrees, Grayscale will become the first Solana ETF issuer to currently manage the asset for the next Solana spot ETF.

Last month, the price of Solana (SOL) on the crypto market rose 44% to $235, but its market cap reversed after Ripple’s XRP gained 81% in just one week.