Leading crypto asset manager Grayscale has just filed a 19b-4 filing with the U.S. Securities and Exchange Commission (SEC) to convert its Solana Trust into an exchange-traded fund.
The Digital Currency Group (DCG) subsidiary Solana Trust is currently the largest Solana investment fund by assets under management (AUM). It manages $134.2 million worth of SOL, approximately 0.1% of all Solana in circulation.
Grayscale says yes to search to list the Solana Trust as an ETF so that it can closely track the value of the underlying crypto assets.
“Thus, the Sponsor believes that allowing shares of the Trust to list and trade as an ETP on the Exchange (i.e., converting the Trust to a spot SOL ETP) would be a safe way for other investors offer to invest in SOL in a regulated manner. national stock exchange.”
The development comes as other asset managers are also submitting applications to offer Solana ETFs to their clients. Investment giant VanEck has filed an S-1 registration statement to the SEC in June, making it the first company in the US to file for a SOL ETF.
Matthew Sigel, head of digital assets research at VanEck, said at the time that the filing was a bet that Donald Trump would win the presidential election.
Other companies seeking approval to launch a Solana ETF include 21Shares, Canary Capital and Bitwise.
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