Grayscale has filed an application with the NYSE for a Solana ETF, aiming to become the first issuer if approved. This move follows similar filings by VanEck and Bitwise, reflecting growing institutional interest in Solana.
A Solana Exchange-Traded Fund (ETF) was formally submitted to the New York Stock Exchange (NYSE) by Grayscale Investments, one of the world’s largest digital asset management firms, on December 3.
The Digital Currency Group (DCG) subsidiary noted in the 112-page filing under Rule 19b-4 that approximately one-quarter of a million investors in the United States hold a substantial portion of Solana’s assets.
Grayscale would become the first issuer of a Solana ETF if the commission authorizes the filing. This is due to the fact that Grayscale has already managed the assets for the upcoming Solana spot ETF.
It is important to note that the trust oversees approximately $134.2 million in assets, which is equivalent to approximately 0.1% of the total Solana supply.
Grayscale has become the fifth asset manager to submit a request for approval for a Solana ETF, following the submissions of VanEck, 21Shares, Canary Capital, and Bitwise.
After the successful debuts of Bitcoin (BTC) and Ethereum (ETH) ETFs in January and July, respectively, these firms were among the first to propose such a product.
James Seyffart, a Senior ETF Analyst at Bloomberg, is optimistic about the approval of a Solana Exchange-Traded Fund. Nevertheless, he expressed skepticism about the timing of its ratification. He anticipates that the product may be approved as early as August 2025, although it may not occur until 2026.
Solana is distinguished by its robust fundamentals, which include high scalability and speed as the quickest layer-1 blockchain, as we have previously stated in multiple reports.
Developers are drawn to its dynamic ecosystem, which includes a robust NFT marketplace and substantial DeFi activity. Furthermore, the submission of ETF applications by BlackRock and Fidelity could potentially elevate Solana’s status among institutional investors, potentially attracting substantial investments upon approval.
Solana ETF Price Forecast
The market was generally skeptical of the possibility of a Solana, Litecoin, Hedera, and XRP ETF prior to Donald Trump‘s victory in the 2024 US Presidential election. Nevertheless, asset managers have continued to submit applications to the SEC for ETFs.
This renewed optimism is predominantly attributable to the appointment of a pro-crypto Chairman to the SEC in January 2025. Expectations remain elevated, despite the scarcity of specific information regarding potential approvals.
The acceleration of Solana’s price path is encouraging. The recent all-time high (ATH) of $264, which was reached after a three-year wait, demonstrated signs of waning purchasing momentum, suggesting that long-term investors were beginning to take profits.
Solana’s value has increased by 43% in the past month and is currently valued at $237. Significant attention has been drawn to it due to its market capitalization of $112 billion. At present, Solana has a 24-hour trading volume of $8.7 billion and a total circulating supply of 475.90 million tokens.
