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Grayscale Investments has officially submitted a proposal to the US Securities and Exchange Commission (SEC), requesting the conversion of its Grayscale Solana Trust (GSOL) into a spot exchange-traded fund (ETF), which would be listed on NYSE Arca.
This proposal, filed on December 3, is part of the company’s strategy to enhance accessibility to Solana
$234.31
for investors.
The concept of an ETF revolves around tracking the price of an underlying asset, such as Solana, by maintaining the asset in reserve. This structure offers a simplified way for investors to gain exposure to the cryptocurrency market, with added regulatory oversight and more seamless trading options.
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Grayscale’s filling stems from successful ETF conversions for its Bitcoin
$95,705.57
Trust (GBTC) in January and Ethereum
$3,826.73
Trust (ETHE) in July 2024, both of which transitioned into spot ETFs.
The filing shows that the Solana Trust holds around $134.2 million in assets, which accounts for 0.1% of the total circulating supply of SOL. The trust’s shares are traded under the ticker “GSOL” in the OTC markets.
Grayscale expects that listing the trust as an ETF on NYSE Arca will greatly enhance liquidity and align the trust with other widely recognized financial products.
Currently, the Grayscale Solana Trust operates as an over-the-counter (OTC) product, which has limited its market efficiency and the ability to track Solana’s price accurately.
As Grayscale decided to convert its Solana Trust into a spot ETF, Ethereum ETFs recently broke records with massive inflows. What’s driving this surge in Ethereum ETF interest? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
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