Solana, the cryptocurrency that has been gaining popularity in 2024, has shown impressive performance this year amid significant growth. Recent data has revealed that Grayscale Solana Trust (GSOL) is trading at a remarkable 650% premium to its Net Asset Value (NAV).
According to Jamie Coutts, the chief cryptocurrency analyst at Real Vision, the increase in NAV premium follows the surge in Solana-based exchange-traded funds (ETFs) in the United States and Canada.
Exciting developments are underway in the cryptocurrency industry, as investment firm VanEck and asset manager 21Shares have submitted proposals to launch Solana ETFs. The Securities and Exchange Commission (SEC) in the USA has recently received documents for a Solana ETF.
However, the trading of Grayscale Solana Trust (GSOL) has reached a 650% premium. This means that the value of the GSOL shares is significantly higher than the total value of the SOL tokens held by the trust. When a product trades above its NAV, it is considered to be trading at a premium.
“VanEck filed for a Solana ETF while 3iQ filed in Canada. The Grayscale Solana Trust $GSOL. Premium NAV is currently 650%…” tweeted Jamie Coutts.
It is important to note that 3iQ Digital Asset Management, a cryptocurrency investment fund manager based in Canada, made history by filing for the initial public offering of the first Solana Exchange-Traded Product (ETF) in North America in 2024. This new fund, with the ticker QSOL, will provide investors with direct exposure to the Solana cryptocurrency (SOL) and will be available on the Toronto Stock Exchange.
As of now, the price of Solana is quoted at US$132.88, showing a 5.8% increase in the last 24 hours.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and should not be considered as financial or investment advice. Investing or trading cryptocurrencies carries the risk of financial loss.
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