Main crypto asset supervisor Grayscale simply submitted a 19b-4 submitting to the U.S. Securities and Trade Fee (SEC) to transform its Solana Belief right into a spot exchange-traded fund.
The Digital Foreign money Group (DCG) subsidiary’s Solana Belief is presently the biggest Solana funding fund by belongings below administration (AUM). It manages $134.2 million price of SOL, roughly 0.1% of all Solana in circulation.
Grayscale says it’s in search of to record the Solana Belief as an ETF so it could intently observe the worth of the underlying crypto asset.
“The Sponsor thus believes that permitting Shares of the Belief to record and commerce on the Trade as an ETP (i.e., changing the Belief to a spot SOL ETP) would supply different traders with a secure and safe approach to put money into SOL on a regulated nationwide securities change.”
The event comes as different asset managers additionally file functions to supply Solana ETFs to their clients. Funding large VanEck submitted an S-1 registration assertion to the SEC in June, making it the primary firm within the US to use for a SOL ETF.
Matthew Sigel, the top of digital belongings analysis at VanEck, stated on the time that the submitting was a wager that Donald Trump would win the presidential election.
Different companies in search of approval to launch a Solana ETF embrace 21Shares, Canary Capital and Bitwise.
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