According to FX168 Financial News (Asia-Pacific), on Wednesday (December 4), the Solana token SOL, a major public chain in the usa, soared to over 240 dollars. Grayscale Investment has officially applied for a SOL etf with the New York Stock Exchange. Just a few weeks after the New York Stock Exchange received approval from the usa Securities and Exchange Commission (SEC) to open options trading for bitcoin etf, Grayscale has once again awakened the bid in the cryptos market before usa President Donald Trump takes office in 2025.

(Source: FX168)

Wall Street has marked an important milestone in 2024, as the usa SEC approved 11 bitcoin spot etfs earlier this year, triggering a surge in the bitcoin and cryptos market. As trading matures, the crypto community is now preparing for other altcoin etfs, and the Solana etf seems to be the next key focus as Grayscale has taken action.

(Source: NYSE)

Since its launch in January, the Grayscale bitcoin spot etf (GBTC) has been one of the most successful bitcoin etfs. With the recent growth of the Solana ecosystem and its native cryptos, various companies are competing to attach futures etfs to this token.

Given that the xrp etf may also receive approval, 2025 could be a bigger year for crypto investments than 2024.

Grayscale Solana Trust is the largest of its kind globally. As of Tuesday, this trust is the largest OL investment fund by assets under management, managing approximately 0.1342 billion USD. For context, this accounts for 0.1% of all circulating SOL.

According to documents submitted by Grayscale, the company believes that allowing trust shares to be listed and traded as an ETP on the exchange (i.e., converting the trust into a spot SOL ETP) would provide other investors with a safe and reliable way to invest in SOL on regulated national securities exchanges.

Moreover, with the upcoming restructuring of the USA SEC, the Solana ETF hopes to gain approval faster than its predecessor (the Bitcoin spot ETF).

Gary Gensler, the chairman of the USA SEC, has long held an unfriendly stance towards bitcoin and cryptocurrencies. He has announced that he will leave office on January 20, 2025, the day Trump is sworn in, which has boosted Wall Street's submission of applications.

If the Solana ETF is approved, the USA will have its third crypto-based ETF in 2024.

Bitcoin was the first, receiving regulatory approval in January. A few months later, the Ethereum ETF followed suit. Despite Bitcoin's tremendous success, Ethereum has yet to replicate the same performance.

In addition to Grayscale's submission for the Solana ETF, other participants, including 21Shares, Canary Capital, VanEck, and Bitwise, have also submitted similar applications, indicating that they are competing for regulatory approval. There is increasing interest, reflecting Solana's growing prominence in the cryptocurrency space, thanks to its rapid adoption and innovative technology.

Over the past year, the value of SOL has soared by 275%, attributed to its appeal as a scalable and cost-effective alternative to Ethereum. Its current market cap exceeds 110 billion USD, making it one of the largest cryptocurrencies by market cap.

This rapid growth has increased the demand for investment products related to solana, making etfs a convenient entry point for institutions and retail investors.