Crypto News– Amid a surge in institutional interest in the cryptocurrency industry, Grayscale’s Solana Trust (GSOL) is currently trading at an impressive 869% premium on its underlying assets, as per data from CoinGlass. The trust’s shares have reached $202, marking a 653% increase since the beginning of September, while the SOL token has tripled in value, rising from $19 to $58. CoinGlass data reveals that it holds 115,900 tokens (equivalent to $6.78 million) on behalf of its clients.
Grayscale Solana Trust Witnesses Staggering 869% Premium as Institutional Investors Show Heightened Interest in SOL Token
The notable premium expansion coincides with a 20% surge in the underlying asset, SOL, observed on a recent Friday. Positive sentiment appears to persist, notably following the legal troubles of FTX founder Sam Bankman-Fried earlier in the month. The SOL token was previously associated with the “Sam Coins” due to FTX’s significant investments in the ecosystem, including the development of Serum, a decentralized exchange on the Solana network.
In the broader context, institutional interest in the crypto space has seen an uptick in recent months, with CME, a preferred venue for institutions, surpassing Binance in derivatives market share. This surge is attributed to optimism surrounding the potential approval of a spot bitcoin ETF, a prospect consistently denied by the SEC in recent years. Grayscale stands out as the sole institutional on-ramp for Solana, given that only bitcoin (BTC) and ether (ETH) are listed on CME.