Leading crypto asset manager Grayscale just submitted a 19b-4 filing to the U.S. Securities and Exchange Commission (SEC) to convert its Solana Trust into a spot exchange-traded fund.
The Digital Currency Group (DCG) subsidiary’s Solana Trust is currently the largest Solana investment fund by assets under management (AUM). It manages $134.2 million worth of SOL, roughly 0.1% of all Solana in circulation.
Grayscale says it is seeking to list the Solana Trust as an ETF so it can closely track the value of the underlying crypto asset.
“The Sponsor thus believes that allowing Shares of the Trust to list and trade on the Exchange as an ETP (i.e., converting the Trust to a spot SOL ETP) would provide other investors with a safe and secure way to invest in SOL on a regulated national securities exchange.”
The development comes as other asset managers also file applications to offer Solana ETFs to their customers. Investment giant VanEck submitted an S-1 registration statement to the SEC in June, making it the first company in the US to apply for a SOL ETF.
Matthew Sigel, the 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 firms seeking approval to launch a Solana ETF include 21Shares, Canary Capital and Bitwise.
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The post Crypto Giant Grayscale Seeking To Convert Its Solana Trust Into ETF, According to New Filing appeared first on The Daily Hodl.
This articles is written by : Fady Askharoun Samy Askharoun
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