Prominent cryptocurrency asset manager Grayscale Investments has filed Form 19b-4 with the US Securities and Exchange Commission (SEC) to list the Solana spot exchange-traded fund on the New York Stock Exchange.
The Solana Spot ETF can allow institutional investors to gain exposure to the smart contract platform’s native cryptocurrency through a regulated, easy-to-access fund without having to manage any private keys.
Bitcoin and Ether ETFs are already trading on US exchanges, and have added significant buying pressure for both cryptocurrencies, with Bitcoin surpassing $100,000 for the first time last year, the year the Bitcoin ETFs were launched.
The last Deposit It reveals Grayscale’s intention to convert its existing Solana Trust into an ETF. The proposed fund currently holds approximately $134.2 million in assets under management, making it Solana’s largest investment fund globally, according to the filing. This represents a small portion, about 0.1%, of the total Solana in circulation.
🚨Urgent: @greyscale Files Form 19B-4 for @Solana Spot ETF with NYSE (New York Stock Exchange). pic.twitter.com/355pUPSJYC
– Solana Floor (@SolanaFloor) January 24, 2025
Currently, the Fund operates as an over-the-counter product, which could lead to discrepancies between its share price and the actual value of the underlying SOL tokens as investors are subject to a 12-month lockup period before they can sell their shares.
The chances of Spot Solana ETF getting approved are increasing
It’s worth noting that traders on popular prediction market Polymarket are increasingly betting on the Solana spot ETF being approved this year, with the chances of such a product launching now standing at around 89%, up from 77% earlier in the month.
An immediate Solana ETF is now considered a strong possibility due to the upcoming leadership shift at the SEC. Under the Biden administration, the SEC has often been seen as hostile toward the cryptocurrency sector and has often been accused of regulation through enforcement actions.
However, with the expected Trump administration, which campaigned on a pro-crypto platform, the SEC is expected to adopt a more positive stance towards the cryptocurrency ecosystem. Reports indicate the new administration’s plans Give priority to cryptocurrency.
