Grayscale, one of the biggest names in crypto asset management has just filed with the SEC to launch ETFs for both Litecoin and Solana.
This is part of a broader wave of ETF applications hitting the market, especially after Gary Gensler stepped down.
ETF applications everywhere
Grayscale isn’t just stopping at Litecoin and Solana, but they’re also rolling out a Bitcoin Adopters ETF that will invest in companies holding Bitcoin as part of their corporate stash.
Now, let’s talk about Litecoin. While other crypto assets have been hogging the spotlight, the race for a Litecoin ETF has been a bit quieter.
Nashville-based Canary Capital made the first move back in October, but not much has followed since then. But if approved, Nasdaq is ready to list it, which could be a game-changer.
Less noise, more signal?
Despite some hype around ETF rumors causing a brief price spike for Litecoin, excitement has weakened since then.
The price jumped but then dropped back down when the anticipated approval didn’t happen, so it seems like investors are playing it cool this time around.
In addition to the Litecoin ETF, Grayscale is also working on a Solana ETF. James Seyffart, the popular ETF-analyst shared that this new product will be based on a synthetic position of their existing Ethereum Trust and Mini Trust.
Competetive market, but who will win?
Grayscale’s Solana Trust currently holds around $134.2 million in assets, making it the largest Solana fund out there.
But they’re not alone in this race, as CoinShares has thrown its hat into the ring with applications for both Litecoin and XRP ETFs.
As Grayscale pushes forward with its ETF ambitions, it faces strong competition from other players in the market, and CoinShares is also vying for attention with its own filings.
The question on everyone’s mind is, which of these ETFs will actually get past regulatory hurdles?
