Grayscale Seeks to Convert $134M Solana Trust to Spot ETF; SOL Price Surges

Dec 3, 2024, 09:33 PM

Grayscale Investments has filed with the U.S. Securities and Exchange Commission to convert its existing Grayscale Solana Trust into a spot Solana ETF to be listed on the New York Stock Exchange Arca. Grayscale's Solana Trust currently holds $134.2 million in assets, making it the world's largest Solana investment fund. Following the announcement, Solana's price surged 12%. Solana is up 260% in 2024, with its DeFi total value locked (TVL) reaching $9 billion. Other firms, including VanEck, 21Shares, Canary Funds, and Bitwise, have also applied for approval of spot Solana ETFs. The filing represents a significant step in opening up institutional access to Solana and reflects the growing interest in the cryptocurrency.