If approved, the ETF will trade on the New York Stock Exchange under the ticker symbol GSOL.

Source: cryptoslate

Compiled by: Blockchain Knight

Grayscale Investments has submitted an application to the U.S. Securities and Exchange Commission (SEC) to convert its Grayscale Solana Trust into an ETF, taking another step to expand its influence in the digital asset market.

If approved, the ETF will trade on the New York Stock Exchange under the ticker symbol GSOL, providing investors with the opportunity to directly invest in Solana (SOL), which is one of the fastest-growing blockchain platforms in the crypto ecosystem.

This document, submitted in the form of a 19b-4 application, marks Grayscale's continued push to transform its existing crypto asset trusts into fully regulated ETFs.

The company's flagship products, BTC and ETH investment products, have already achieved this goal, trading as spot ETFs after receiving SEC approval earlier this year.

According to the submitted documents, the Grayscale Solana Trust is currently the largest Solana investment fund in the world, managing approximately $134.2 million in assets as of the date of submission.

As of now, this news has led to a nearly 7% surge in SOL, reaching $238, before slightly retracing to $234.

Grayscale's move comes as asset management companies are racing to launch the first spot Solana ETF.

Other participants, including 21Shares, Canary Capital, VanEck, and Bitwise, have submitted similar application documents, marking the beginning of a competition for regulatory approval.

Interest in Solana is growing, reflecting its increasingly significant position in the crypto asset space, with rapid adoption and innovative technology driving its development.

Over the past year, Solana's value has skyrocketed by 275%, primarily due to its appeal as a scalable and cost-effective alternative to Ethereum.

Currently, Solana has a market capitalization of over $110 billion, making it one of the largest crypto assets by market cap.

This rapid upward momentum has increased demand for investment products related to Solana, making ETFs a convenient entry point for both institutional and retail investors.

Despite the market enthusiasm, the SEC has yet to approve any spot ETFs linked to Solana or similar tokens.

The agency's cautious stance on crypto ETFs, particularly spot products, stems from concerns about market manipulation, liquidity, and investor protection.

However, given the increasing maturity of the crypto asset market and regulatory advancements, especially under the incoming Trump administration, Grayscale and other issuers are optimistic that the SEC will eventually greenlight these products.

Grayscale positions its application as part of a broader effort to expand the use of digital assets through traditional financial products.

In an accompanying statement, the company emphasized the potential of ETFs to bridge the gap between "institutional-grade investment opportunities" and "individual investors seeking emerging technologies like blockchain."

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