Source: Blockchain Knight

Grayscale Investments submitted an application to the U.S. Securities and Exchange Commission (SEC) to convert its Grayscale Solana Trust into an ETF, in order to expand its The influence of the digital asset market has taken another step forward.

If approved, the ETF will trade on the New York Stock Exchange under the ticker GSOL, offering investors the opportunity to directly invest in Solana (SOL), the fastest growing block in the Crypto ecosystem One of the chain platforms.

The document, filed in the form of a 19b-4 application, signals Grayscale’s continued push to convert its existing Crypto Asset Trust into a fully regulated ETF.

This has already been achieved with the company’s flagship BTC and ETH investment products, which now trade as spot ETFs following SEC approval earlier this year.

According to the filing, the Grayscale Solana Trust is currently the largest Solana investment fund in the world, with approximately $134.2 million in assets under management as of the date of the filing.

So far, the news has caused SOL to rise nearly 7%, reaching $238, and then retreated slightly to $234.

Grayscale’s move comes as asset managers rush to launch the first spot Solana ETF.

Other players including 21Shares, Canary Capital, VanEck and Bitwise have submitted similar filings, signaling an ongoing race for regulatory approval.

The growing interest in Solana reflects its growing prominence in the crypto asset space, fueled by its rapid adoption and innovative technology.

Over the past year, Solana’s value has soared 275%, driven largely by its appeal as a scalable and cost-effective alternative to Ethereum.

Solana’s current market value exceeds US$110 billion, making it one of the largest Crypto assets by market value.

This meteoric rise has increased demand for Solana-related investment products, making ETFs a convenient entry point for institutional and retail investors.

Despite the market enthusiasm, the SEC has not yet approved any spot ETFs tied to Solana or similar tokens.

The agency’s cautious attitude towards Crypto ETFs (especially spot products) stems from concerns about market manipulation, liquidity and investor protection.

However, given the increasing maturity of the Crypto asset market and the advancement of regulation, especially under the upcoming Trump administration,Under Pu's leadership, Grayscale and other issuers are optimistic that the SEC will eventually give the products the green light.

Grayscale positioned its filing as part of a broader effort to expand the use of digital assets through traditional financial products.

In an accompanying statement, the company highlighted the potential of ETFs to bridge the gap between "institutional-level investment opportunities" and "individual investors seeking emerging technologies such as blockchain." gap.