coinspress.com
Grayscale Investments is working to transform its Solana Trust into a spot ETF on the NYSE Arca, aiming to enhance the accessibility of its $134 million Solana investment fund.
This move comes as Solana’s price experiences a slight surge 5% in the past 24 hours to $236.
The cryptocurrency recently reached an all-time high of over $260 before pulling back, with the decline partly attributed to shifts in the market. XRP’s market cap surpassed Solana’s, pushing it back to the fourth spot in the rankings.
Despite this, Solana’s ecosystem continues to perform well, and Grayscale’s ETF filing has sparked renewed optimism around the asset.
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The U.S. Securities and Exchange Commission (SEC) is currently reviewing several ETF applications, including Grayscale’s, which would track Solana’s price directly. Similar ETF proposals have been submitted by VanEck, 21Shares, and Canary Capital for listing on the Cboe exchange.
The recent appointment of crypto-friendly Paul Atkins as SEC chair has fueled optimism, suggesting that the regulatory landscape may soon be more favorable for crypto-based financial products.