Right, so Grayscale, bless their cotton socks, has filed with the SEC. For a Solana (SOL) ETF. On the New York Stock Exchange. Because apparently, we haven’t got enough ways to lose money already. ๐ธ
It’s going to trade under “GSOL”. Catchy. And it’ll hold actual SOL. Like, the real deal. As if that makes it any less terrifying. April 4th filing, because of course.
Apparently, this has been brewing since December 2024. They wanted to turn their existing Grayscale Solana Trust (whatever that is) into an ETF. Because why not aim for maximum complexity?
So, there are a few crypto ETF applications floating around in Washington DC. You know, post-regulatory-shift. Solana is expected to be next. As if the SEC has any clue what they’re doing. ๐
Solana price slumps despite Trumpโs attention
Trump, bless him, announced SOL is now part of the countryโs crypto reserve. Next to Bitcoin, Ether, XRP and… Cardano? Okay, that’s a lot of acronyms. I’m going for a drink. ๐ธ
Apparently, these digital assets will be โacquired through asset forfeiture.โ So, like, confiscated? I’m sure that’s going to inspire confidence in the market. Sarcasm. Obvs.
Trump wrote some stuff about “made in America” cryptocurrencies and a US Crypto Reserve. Sounds terrifying. But hey, at least it’s not boring, right?
But, plot twist, SOL’s price tanked after the announcement. Down 60% since its all-time high in January 2025. I mean, you can’t make this stuff up. ๐
Apparently, this reflects a “broader downturn in the crypto markets” due to trade war fears and Trump’s tariffs. Because of course, it does. Everything’s connected, isn’t it? Chaos. Sheer chaos.
Risk-on assets suffer during trade wars. Investors run screaming to the safety of cash and government bonds. Sensible, really. But where’s the fun in that? ๐ค
Maybe, just maybe, this Solana ETF could stop the bleeding. Give the “traditional financial investors” (whoever they are) a taste of SOL. Funnel some stock market cash into the altcoin.
Fresh investment capital could prop up prices, making SOL more resilient. Because who doesn’t love a good old fashioned pump and dump, eh? Just kidding. Mostly. ๐
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2025-04-04 20:00