Grayscale, the leading cryptocurrency asset manager, has filed to launch a Solana exchange-traded fund (ETF). 

This comes after mutual fund giant Fidelity also joined the race in March. As reported by U.Today, the U.S. Securities and Exchange Commission acknowledged Grayscale's filing in March. 

The price of Solana (SOL) is down roughly 0.4% over the past 24 hours.

There are also several other pending ETF filings from such players as VanEck. 

Polymarket bettors see extremely high odds of a Solana ETF being approved in 2025.

Solana is far from being the only major altcoin that is vying to get its own altcoin ETF in the U.S. Such cryptocurrencies as XRP and Dogecoin (DOGE) are also highly likely to get their own ETF products this year.    

Earlier this week, Grayscale also filed to launch an ETF that holds a diverse basket of various cryptocurrencies, including SOL and XRP.   

Grayscale is, of course, widely believed to have contributed to the approval of spot Bitcoin ETFs in the U.S. by winning its lawsuit against the U.S. Securities and Exchange Commission (SEC) back in August 2023. The groundbreaking legal victory paved the way for the initial launch of a slew of Bitcoin ETFs in early 2024. 

According to data provided by SoSoValue, Grayscale Bitcoin Trust ETF (GBTC) has nearly $16 billion worth of assets. Its low-fee spinoff has $3.36 billion in assets.