Grayscale files for Solana ETF as SOL token surges 6%

Grayscale Investments has filed to convert its existing Solana Trust into a spot ETF on NYSE Arca, as the firm seeks to expand its $134 million Solana investment vehicle into a more accessible format.

This development comes as Solana’s price shows signs of recovery, increasing 6% in the past 24 hours to $237, after a 12% decline last week that saw it drop to $215, according to CoinGecko data.

The recent price activity follows Solana’s achievement of an all-time high of over $260 before experiencing a pullback.

The downturn was likely influenced by market rotations, as XRP overtook Solana in market capitalization, reclaiming the third-largest position among digital assets.

Despite these shifts, the Solana ecosystem remains a strong contender in the crypto market, with renewed optimism driven by Grayscale’s ETF filing.

The SEC has initiated reviews of Solana ETF registration forms submitted by multiple issuers, including Grayscale.

According to filings, Grayscale’s proposed ETF would aim to directly track Solana’s price, similar to the structure of its existing Bitcoin and Ethereum trusts.

VanEck, 21Shares, and Canary Capital have submitted similar applications for Solana-based ETFs on the Cboe exchange.

Political developments in the US have further heightened expectations for crypto ETF approvals.

The recent appointment of pro-crypto advocate Paul Atkins as SEC chair has bolstered hopes for a regulatory environment more favorable to digital asset products like Solana ETFs.