Crypto Giant Grayscale Seeking To Convert Its Solana Trust Into ETF, According to New Filing
Main crypto asset supervisor Grayscale simply submitted a 19b-4 submitting to the U.S. Securities and Alternate Fee (SEC) to transform its Solana Belief right into a spot exchange-traded fund.
The Digital Forex Group (DCG) subsidiary’s Solana Belief is at present the most important Solana funding fund by belongings below administration (AUM). It manages $134.2 million value of SOL, roughly 0.1% of all Solana in circulation.
Grayscale says it’s seeking to checklist the Solana Belief as an ETF so it may possibly intently observe the worth of the underlying crypto asset.
“The Sponsor thus believes that permitting Shares of the Belief to checklist and commerce on the Alternate as an ETP (i.e., changing the Belief to a spot SOL ETP) would offer different buyers with a secure and safe option to put money into SOL on a regulated nationwide securities alternate.”
The event comes as different asset managers additionally file functions to supply Solana ETFs to their prospects. Funding large VanEck submitted an S-1 registration statement to the SEC in June, making it the primary firm within the US to use for a SOL ETF.
Matthew Sigel, the top of digital belongings analysis at VanEck, stated on the time that the submitting was a wager that Donald Trump would win the presidential election.
Different corporations looking for approval to launch a Solana ETF embrace 21Shares, Canary Capital and Bitwise.
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