Analysis

Crypto Giant Grayscale Seeking To Convert Its Solana Trust Into ETF, According to New Filing

Published

1 year ago

December 5, 2024

Main crypto asset supervisor Grayscale has simply filed a 19b-4 submitting with the U.S. Securities and Alternate Fee (SEC) to transform its Solana Belief into an exchange-traded fund.

The Digital Foreign money Group (DCG) subsidiary Solana Belief is at the moment the biggest Solana funding fund by property underneath administration (AUM). It manages $134.2 million value of SOL, roughly 0.1% of all Solana in circulation.

Grayscale says sure to search to checklist the Solana Belief as an ETF in order that it will possibly intently observe the worth of the underlying crypto property.

“Thus, the Sponsor believes that permitting shares of the Belief to checklist and commerce as an ETP on the Alternate (i.e., changing the Belief to a spot SOL ETP) could be a secure manner for different buyers provide to put money into SOL in a regulated method. nationwide inventory alternate.”

The event comes as different asset managers are additionally submitting purposes to supply Solana ETFs to their purchasers. Funding big VanEck has filed an S-1 registration statement to the SEC in June, making it the primary firm within the US to file for a SOL ETF.

Matthew Sigel, head of digital property analysis at VanEck, mentioned on the time that the submitting was a guess that Donald Trump would win the presidential election.

Different firms in search of approval to launch a Solana ETF embody 21Shares, Canary Capital and Bitwise.

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