(Reuters) - Grayscale Investments said on Friday it has filed an application with U.S. regulators for an exchange-traded fund
Grayscale Investments, the cryptocurrency asset manager, has filed an application with the U.S. Securities and Exchange Commission for an exchange-traded fund that tracks the Solana blockchain, the firm said on Friday.
The SEC has yet to approve any Solana ETF applications, the first of which arrived last summer as the regulator began accepting filings for bitcoin and ether ETFs. The applications follow the approval of the first-ever bitcoin futures ETF in 2021.
Solana is often used to launch meme coins, including Trump's own cryptocurrency, which the president unveiled in January.
A relatively newer player in crypto, Solana saw its token price soar in 2021 when it was talked up as a rival to ether and its growing use in the then-booming non-fungible tokens (NFTs) market.
Trump identified five digital assets - bitcoin, ether, XRP, Solana and cardano - for inclusion in a government reserve, spiking their market values.
"We believe that the approval of a Solana ETF would provide investors with an important new investment option and further contribute to the growth of the cryptocurrency market," Grayscale said in a statement.
As of Friday, the SEC has approved several bitcoin and ether futures ETFs from firms such as Invesco and Galaxy Holdings, but none of the spot price ETFs have been cleared for launch.
Fintech giant PayPal also said on Friday it is expanding its cryptocurrency offerings with new tokens including Solana.
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