Grayscale has become the latest asset manager to try and launch a %Solana (CRYPTO: $SOL) exchange-traded fund (ETF).
The company has applied to the U.S. Securities and Exchange Commission (SEC) to convert its existing %SolanaTrust (OTC: $GSOL) into an ETF.
U.S. market regulators require companies to formally request a conversion from a trust to an ETF. Grayscale earlier this year converted its existing %Bitcoin (CRYPTO: $BTC) trust into an ETF.
Grayscale is now the fifth asset manager to seek permission to launch a Solana ETF, along with Bitwise, VanEck, 21Shares and Canary Capital.
Grayscale also successfully converted its Ethereum trust into an ETF this past summer.
The company launched the closed-end Solana Trust in 2021 and it now has $134 million U.S. of assets under management (AUM).
Solana is seen as the next cryptocurrency to get regulatory approval to launch ETFs after the SEC approved Bitcoin and Ethereum ETFs earlier this year.
The price of Solana has risen nearly 300% in the past year to trade at $231.41 U.S. per token.
The rally in Solana has accelerated since the Nov. 5 election of Donald Trump, who has promised a friendlier regulatory environment for the crypto industry.