Grayscale Investments applied to the U.S. Securities and Exchange Commission (SEC) to create a Spot Solana ETF. This is an exchange-traded fund that tracks the price of the Solana cryptocurrency (SOL), which will allow investors to access this token through traditional stock markets.
Such a fund buys and stores SOL and then issues shares whose value correlates with the market price of SOL (minus expenses). This allows investors to avoid the difficulties of directly purchasing and storing cryptocurrency.
If the application is approved, the new GSOL fund will trade on the New York Stock Exchange. The fund will be based on the existing Grayscale Solana Trust, which currently has assets of more than $134 million.
In September Grayscale has announced the launch of the XRP Trust, which paves the way for its transformation into an ETF.
Other companies, such as 21Shares and VanEck, have previously applied to create Solana ETFs.
In addition, Orbitt launched the ORBT staking program with a $2.5 million reward pool. Participants also get access to Orbitt PAD, a platform to support promising projects. The initiative is aimed at stimulating development and strengthening Orbitt’s position in the Solana ecosystem.
On the back of this news, the price of SOL rose by 4.14% to $233.35 per day.
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