Fix, Grayscale Files Solana ETF!

Solana's ETF has been proposed by Grayscale. (Photo; Doc. CryptoRealm)

JAKARTA - In the midst of recovering the crypto market after the flash crash last night, good news came from ETF Solana. Recently, the public was shocked by the planned launch of Solana's Exchange Trade Fund (ETF) which was just submitted by Grayscale Investments to the US Securities and Exchange Commission (SEC). Within just an hour after the news of this submission leaked, Solana's price immediately jumped 3.62%.

Grayscale, an asset management company that has an asset value of more than $50 billion, has submitted a 19b-4 form to convert their investment product Grayscale Solana Trust into ETF with the GSO symbol as reported by CryptoBriefing on December 4, 2024.

In this filing, Grayscale claims to be the largest Solana fund manager with an asset-run value (AUM) of around 134.2 million US dollars (Rp2.12 trillion), equivalent to 0.1% of the total supply of outstanding SOLs. However, on December 2, 2024, Grayscale's official website said AUM was 117 million US dollars (Rp1.85 trillion).

With this submission, Grayscale joined a number of other giant investment companies such as 21Shares and VanEck in an attempt to obtain approval for SEC Solana's ETF. If approved, this ETF will be Grayscale's third product after Bitcoin and Ethereum, both of which have recorded quite a variety of trips on the market.

Although previously launched Ethereum ETF did not get much attention, sentiment towards Solana remains positive. Solana's network activity, which now exceeds Ethereum in terms of transaction volume on the decentralized exchange platform (DEX) and the DeFi sector, shows a strong interest in this project.

In addition, the price of SOL, which rose rapidly from 8 US dollars (Rp126,400) in December 2022 to 264 US dollars (Rp4.17 million) in November 2024, added to optimism that Solana will continue to grow, especially with the submission of the ETF which further strengthens the position of this token in the market.

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