Grayscale Investments has submitted a filing with the New York Stock Exchange (NYSE) to launch a Solana ($SOL) spot exchange-traded fund (ETF). This move comes shortly after the NYSE received approval from the U.S. Securities and Exchange Commission (SEC) to allow options trading on Bitcoin ETFs.

Growing Popularity of Crypto ETFs in 2024 and Ambitious Plans of Grayscale

This year, cryptocurrency-based ETFs have gained significant traction. The SEC approved 11 spot Bitcoin (BTC) ETFs at the start of 2024, sparking a market rally that pushed Bitcoin to a new all-time high in March. Ethereum (ETH) spot ETFs followed a few months later, and now the focus is shifting to altcoin-based ETFs, with Solana potentially being the next big player.

Grayscale’s Bitcoin Trust, launched in January, has become one of the most successful Bitcoin ETFs on the market. Building on this success, the company is now turning its attention to Solana, which has seen rapid growth in its ecosystem and native token. The Grayscale Solana Trust already holds the largest Solana investment fund, managing $134.2 million in assets which is equivalent to 0.1% of all SOL in circulation.

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Grayscale aims to convert this trust into a spot Solana ETF, allowing shares to trade on a regulated national securities exchange. The company believes this will give investors a safe and secure way to invest in Solana.

A Busy Year for Crypto ETFs

If approved, the Solana ETF would be the third crypto-based ETF launched in the United States in 2024, following Bitcoin in January and Ethereum a few months later. Bitcoin ETFs have been a massive success, but Ethereum’s performance has yet to match expectations.

Looking ahead, other altcoins like XRP may also join the ETF race, positioning 2025 to potentially surpass 2024 in terms of crypto investment opportunities.

Quicker Approvals Expected

With recent changes in SEC leadership, analysts hope newer ETF filings like Grayscale’s Solana ETF might see faster approvals compared to earlier applications. If successful, it could open the door to even more altcoin-based ETFs, further expanding the cryptocurrency market’s reach.