Grayscale, a leading crypto asset manager, has filed a 19b-4 submission with the U.S. Securities and Exchange Commission (SEC) to convert its Solana Trust into an exchange-traded fund (ETF).
The Digital Currency Group (DCG) subsidiary’s Solana Trust is currently the largest Solana investment fund in terms of assets under management (AUM), holding $134.2 million worth of SOL, which represents approximately 0.1% of the total Solana supply.
Grayscale aims to list the Solana Trust as an ETF to closely mirror the value of the underlying crypto asset. According to the filing, this move would provide investors with a secure way to invest in SOL on a regulated national securities exchange.
This development comes as other asset managers also seek approval to offer Solana ETFs. VanEck, a prominent investment firm, was the first to submit an S-1 registration statement to the SEC in June, anticipating the approval of a SOL ETF.
Additional companies like 21Shares, Canary Capital, and Bitwise are also in the process of seeking approval to launch Solana ETFs. Matthew Sigel, VanEck’s head of digital assets research, expressed optimism about the filing, likening it to a strategic move ahead of the presidential election.
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