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Grayscale’s Strategic Move
Grayscale Investments has filed an S-1 registration form with the U.S. Securities and Exchange Commission (SEC) to convert its existing Grayscale Solana Trust into an exchange-traded fund (ETF). This proposed ETF, the Grayscale Solana Trust ETF, aims to offer investors a regulated and liquid way to gain exposure to Solana (SOL) without directly purchasing or storing the cryptocurrency.
Awaiting SEC Approval
The SEC has yet to approve the necessary 19b-4 form submitted by NYSE Arca on December 3, 2024. This form is crucial for exchanges to list new products like the Solana ETF. Grayscale has acknowledged that without SEC approval, the conversion process cannot proceed.
The Growing Crypto ETF Landscape
Grayscale’s initiative comes as part of a broader movement by asset managers to offer ETFs based on different cryptocurrencies. Companies such as VanEck, Bitwise, Canary Capital, and 21Shares have also filed applications for Solana ETFs in the U.S. The SEC’s response to Grayscale’s filing could signal a shift in regulatory attitudes toward cryptocurrency-based investment products.
