Grayscale files to convert Solana trust to a spot ETF

Crypto asset manager Grayscale Investments filed to convert its tradable Solana (SOL) close-ended trust into a spot exchange-traded fund (ETF).

The New York Stock Exchange Arca recently submitted a 19b-4 filing asking for a rule change that would allow it to list Grayscale’s converted Solana ETF. The document reads:

“Pursuant to the provisions of Section 19(b)(1) of the Securities Exchange Act of 1934 […] NYSE Arca […] proposes to list and trade shares of the following under NYSE Arca Rule 8.201-E: Grayscale Solana Trust (SOL).”

Grayscale is the fifth asset manager to file to launch a Solana spot ETF. Previous applications came from Bitwise, VanEck, 21Shares and the newly formed Canary Capital.

The filing was made with the United States Securities and Exchange Commission (SEC), a regulator widely seen as hostile to the cryptocurrency industry that impeded the approval of a Bitcoin (BTC) spot ETF for many years. Still, the tides are changing.

President-elect Trump promised to lead the U.S. in adopting crypto-friendly regulations and to place pro-cryptocurrency officials in the Securities and Exchange Commission (SEC). The regulator is also expected to see the President appoint a crypto-friendly official to take the chairman seat currently occupied by Gary Gensler.

This follows Gensler taking what many perceived as persecutory actions against the crypto industry. This recently led Republican state attorney generals and a crypto advocacy group to file a lawsuit against the SEC and its commissioners.

Solana reacted positively to the news. Market data shows that at the time of writing SOL is trading just under $234 after seeing its price increase by more than 4% over the last 24 hours.

Solana is currently the fifth top cryptocurrency by market cap, currently standing at nearly $111 billion. This makes the network more valuable than the U.S. postal service United Parcel Service (UPS), fashion giant Dior or automaker BYD.

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