Grayscale Files for Spot SOL ETF, XRP Next?

 
Kritika Mehta
Written By 
Kritika Mehta
December 3, 2024

Grayscale Investments has filed with the New York Stock Exchange (NYSE) to convert its Grayscale Solana Trust (GSOL) into a spot Solana exchange-traded fund (ETF). If approved, this would mark the asset manager’s entry into the increasingly competitive spot Solana ETF market in the United States.

Grayscale’s Solana ETF Filing

The 19b-4 filing today aims to uplist the GSOL product, which is currently traded over-the-counter, to the NYSE Arca platform, enabling broader investor access. This move aligns with a growing trend among asset managers seeking approval for spot Solana ETFs, a development signaling increased institutional interest in SOL as crypto ETFs gain momentum.

Grayscale’s application brings the total number of spot Solana ETF filings in the U.S. to five. While the SEC has yet to approve a spot SOL ETF, the latest filing reflects the industry’s ongoing push to expand regulated crypto investment products. Approval would offer investors direct exposure to Solana’s native token, SOL.

Nonetheless, with the changing leadership at the SEC, such an approval could be secured in 2025. Recent reports indicate that President-elect Trump is eyeing Paul Atkins for the SEC Chairman’s role as Gary Gensler will make his exit on January 20. This further solidifies hopes of approval of several altcoin ETFs.

Is Grayscale XRP ETF Next?

Earlier this year, Vaneck, 21Shares, Bitwise and Canary Capital filed for a spot SOL ETF alongside XRP ETFs. Grayscale has now ed the league with today’s filing.

Moreover, in September, the asset manager created an XRP Trust, which signaled its interest in Ripple’s native token. If the firm follows the trend, then netizens also expect another XRP ETF filing on the way. Moreover, the optimism around such a filing has surged owing to renowned investment firm WisdomTree’s latest SEC filing for an XRP ETF.

Also Read: WisdomTree Officially Files for XRP Spot ETF S-1 with SEC

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Kritika Mehta
Written by Kritika Mehta

Kritika boasts over two years of experience in financial news and is currently a crypto journalist at CryptoNewsZ. She excels in covering blockchain technology and cryptocurrencies, offering insightful analysis and a strong grasp of market trends. With a focus on reporting the latest news, she delivers a nuanced perspective, exploring the intersection of finance, technology, and emerging crypto trends. Her ability to break down complex topics makes her work accessible to both seasoned investors and newcomers. ionate about the transformative power of blockchain, she continually researches industry developments to provide readers with accurate, engaging, and well-researched content. She also closely monitors regulatory changes, helping readers understand their impact on the crypto market.