Grayscale files for Solana ETF amid rising interest in bitcoin alternatives

(Reuters) - Grayscale Investments said on Friday it has filed an application with U.S. regulators for an exchange-traded fund aimed at a Solana blockchain, as the cryptocurrency asset manager looks to tap into the increasing momentum around bitcoin alternatives.

The U.S. Securities and Exchange Commission has yet to approve any Solana ETF applications, the first of which arrived last summer.

Solana is often used to launch meme coins, including Trump's own cryptocurrency, which the president unveiled in January.

A relatively newer player in crypto, Solana saw its token price soar in 2021 when it was talked up as a rival to ether and its growing use in the then-booming non-fungible tokens (NFTs) market.

Trump identified five digital assets - bitcoin, ether, XRP, Solana and cardano - for inclusion in a government reserve, spiking their market values.

Fintech giant PayPal also said on Friday it is expanding its cryptocurrency offerings with new tokens including Solana.

(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Vijay Kishore)

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