One of the sector’s most well-known investment companies, Grayscale takes a step forward. The company officially requested permission to launch an ETF under US Solana (Sun), and has been added to the growing list of companies betting on the digital asset.
The company has registered Form S-1 before the US Stock and Value Committee (SEC), a key document detailing how the fund works.
document It includes information about the ETF structure, its investment strategy, business model, related charges, and risks facing investors. Additionally, he explains how the product works after receiving the green light.
This step marks the start of the formal process of bringing Solana to the traditional market, but approval remains unsafe.
Six Solana ETF companies
Grayscale is not solely in this initiative. Five other companies have submitted similar applications to the SEC to launch SOLANA’s own ETFs. Vaneck, Canary Capital, 21Shares, Wisdomtree and Franklin Templeton completed the group of applicants.
This collective interest reflects the growing attention that Solana receives. This is a network known for its speed and low cost of transactions. However, since the SEC evaluates each proposal in detail, competition can also complicate the path to approval.
Solana prices will not take off
Despite the announcement, the market is not responding with enthusiasm. Over the last 24 hours, Solana has registered a 2.7% increase and is cited at $115.
The increase is positive, but cryptocurrencies remain far from the previous $294 reaching last January. at the moment, That value is 60% below that peak.
For now, US cryptocurrency ETF panorama is dominated by Bitcoin (BTC) and Ether (ETH).), Ethereum cryptocurrency. These two digital currencies are the only funds approved in January and July 2024, respectively, and cited in the US market.
Despite his popularity, Solana He is still facing the challenge of persuading regulators that he deserves this exclusive listing location.
Other cryptocurrency ETFs on the horizon
Interest in ETFs is not limited to Solana. Other cryptocurrencies such as XRP (XRP), Litecoin (LTC), Dogecoin (Doge) have reported as encryption They are also in the sight of companies trying to replicate this model.. This indicates that the market can be further diversified in the medium term as long as the SEC has approved.
The grayscale application marks a new chapter on the integration of cryptocurrencies and traditional markets. However, the path to approval of the Solana ETF is full of regulatory obstacles and depends on the perception of organisms such as Sec.
