NYSE and Grayscale File Solana ETF for Coming Altcoin Season
NYSE files application for Grayscale-based ETF with SEC Solana believe. The filing joins several other Solana and XRP ETF filings in recent days.
With Bitcoin’s dominance declining over the past month, the cryptocurrency community is already anticipating the altcoin season, and SEC approval of these ETFs could significantly enhance the bullish momentum.
Grayscale’s Solana ETF
With this ArchiveGrayscale wants to convert it to Sol Mutual funds become Solana ETFsimilar to the company’s initial approach to its Bitcoin ETF. Grayscale is now at least added Four more companies apply for Solana ETF Meeting with SEC in November. These include VanEck, 21Shares, Bitwise and Canary Capital.
“Accordingly, the Sponsor (Grayscale) believes that allowing shares of the Trust to be listed and traded on the exchange as an ETP (i.e. converting the Trust into a spot SOL ETP) will provide other investors with a safe and secure way to invest in SOL in regulated countries stock exchange listing,” the filing reads.
late November, SEC quietly negotiating Regarding the SOL ETF, negotiations appear to be making progress. If approved, Solana would become the third cryptocurrency to attract institutional investment in the United States, after Bitcoin and Ethereum. The price of Solana has already reacted positively to the news, with SOL surging nearly 5% on the day.
if SEC approves this ETF productwhich will open a new milestone in regulatory approval. VanEck and 21Shares file for their own Solana ETF The day after these rumors broke, Grayscale jumped on the bandwagon. Solana’s price has increased since the application was filed.
However, Solana is not the only altcoin with ETF prospects. Four asset management companies have also applied Ripple ETF and the U.S. Securities and Exchange Commission. recent, WisdomTree Apply for XRP ETFdesignating Coinbase as the custodian of the fund.
Overall, the cryptocurrency industry is awaiting friendlier U.S. regulators during Donald Trump’s second term. Earlier today, Trump reportedly offered SEC chairmanship Signal further favorable policies to industry allies. In other words, ETF issuers anticipate that the SEC may approve multiple new ETF products in the coming year.
If institutional investment follows the same trend as Bitcoin ETFs, these approvals could spark a major bull run in altcoins. Some Experts have predicted New altcoin season, Changpeng “CZ” Zhao This was hinted at earlier today. The SEC’s new approval of multiple altcoin ETFs could significantly exacerbate these pre-existing trends.
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