Grayscale Files for Solana ETF; SOL Price Rises 3.62%

Grayscale, a $50 billion asset management firm, is set to launch a Solana ETF. This move comes after the success of the Bitcoin and Ethereum ETFs. The firm recently filed to convert the Grayscale Solana Trust into an exchange-traded fund (ETF).

Grayscale’s Solana ETF Filing

Grayscale filed the 19b-4 form with the SEC to convert the Solana Trust (GSOL) into an ETF. The company holds approximately $134.2 million in assets, making up 0.1% of all circulating SOL tokens. However, the trust’s website reports $117 million in assets as of December 2.

Grayscale’s latest move places the firm alongside 21Shares, VanEck, and other players, all aiming for SEC approval. If successful, this marks another milestone following Grayscale’s conversion of its Bitcoin and Ethereum trusts into ETFs.

Solana’s Growth and Rising Momentum

While Ethereum ETFs struggled, Solana has gained impressive momentum. From $8 in December 2022, the price soared to $264 in November 2024. In the past month, SOL surged by 41%, showing growing investor interest.

Solana’s network activity has outpaced Ethereum in decentralized exchange volumes and other DeFi metrics. This increased activity has contributed to positive sentiment around Solana.

For now, Solana’s growth suggests future success. As the Solana ETF nears approval, the FOMO effect could push SOL prices even higher. Grayscale and Solana both appear poised for a promising future in crypto investments.