Grayscale files for Solana ETF amid rising interest in bitcoin alternatives

Important legal information about the email you will be sending. By using this service, you agree to input your real email address and only send it to people you know. It is a violation of law in some jurisdictions to falsely identify yourself in an email. All information you provide will be used by Fidelity solely for the purpose of sending the email on your behalf. The subject line of the email you send will be "Fidelity.com: "

Grayscale files for Solana ETF amid rising interest in bitcoin alternatives

, Reuters - 10:23 AM ET 4/4/2025 default

April 4 (Reuters) - Grayscale Investments said on Friday it has filed an application with U.S. regulators for an exchange-traded fund aimed at a Solana blockchain, as the cryptocurrency asset manager looks to tap into the increasing momentum around bitcoin alternatives.

The U.S. Securities and Exchange Commission has yet to approve any Solana ETF applications, the first of which arrived last summer.

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.

Fintech giant PayPal ( PYPL ) also said on Friday it is expanding its cryptocurrency offerings with new tokens including Solana. (Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Vijay Kishore)

(c) Reuters 2025. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.