Solana (SOL) could be the next spot crypto ETF contender. The giant Grayscale has just filed a request with the Securities and Exchange Commission (SEC), in the midst of a change of administration. Should we expect further increases for the SOL?
Grayscale wants to offer a spot Solana ETF
As altcoins explode this week amid extreme market euphoria, Grayscale has released its ETF application for Solana. SOL is one of the most likely next competitors to ETFs, after Bitcoin (BTC) and Ether (ETH).
The NYSE Arca, the branch of the New York Stock Exchange which manages investment products of this type, registered the request on behalf of Grayscale. It is the United States Securities and Exchange Commission (SEC) which will have to decide on this subject.probably once the change of director has taken place.
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Grayscale taps Coinbase Custody Trust for asset custody. Their administration will be entrusted to BNY Mellon Asset Servicing.
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Solana spot ETFs soon available to investors?
If Grayscale is not the first to request a Solana ETF, its arrival carries its weight. It is indeed one of the largest players in the field of cryptocurrencies and its investment funds have attracted institutional investors for many years.
Before him, VanEck had filed in June 2024, followed by 21Shares. Candidates also include Canary Capital as well as Bitwise.
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It is therefore probable that Solana's SOL will be the next cryptocurrency to benefit from an ETF. Historically, ETFs have been followed by sharp price increases, particularly for Bitcoin.
Towards an increase in the price of SOL?
Investors therefore expect an appreciation in the price of SOLwhich already had an absolute record ten days ago. This morning, the SOL price is $235, down 10.5% from its ATH. Over one year, however, its progression is impressive: the SOL has indeed increased by 269%.
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So one thing is certain: blockchain is in vogue at the moment. At this stage, it weighs 112 billion dollars, in 6th place among the most capitalized cryptocurrencies of the moment.
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Source: NYSE
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Journalist at Cryptoast since 2017, I am passionate about the issues of decentralization, privacy and regulation. I specialize in traditional economics and finance by analyzing how news in this sector influences the cryptocurrency industry, providing a unique and informed perspective to Cryptoast readers.
Marine Debelloir
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