Grayscale Investments and Solana’s Orbitt (ORBT) are making waves in the cryptocurrency space with major new initiatives. Grayscale has filed an application with the SEC to launch a Solana spot ETF, which could turn its existing Solana Trust into a publicly traded product on the New York Stock Exchange. Meanwhile, Orbitt has launched a staking program for its native token, ORBT, featuring a $2.5 million rewards pool and innovative buyback mechanisms to drive growth and staking.
Grayscale Files for Spot Solana ETF Amid Growing Competition and Solana’s Meteoric Rise
Grayscale Investments, a leading digital asset manager, has officially filed with the U.S. Securities and Exchange Commission (SEC) to launch a Solana spot exchange-traded fund (ETF). If approved, the ETF, under the symbol GSOL, will be listed on the New York Stock Exchange (NYSE), marking a significant development in the burgeoning world of cryptocurrency ETFs.
The filing, filed Dec. 3, proposes converting the existing Grayscale Solana Trust into a spot ETF. This approach mirrors Grayscale’s previous moves, where the company successfully converted its Bitcoin (BTC) and Ether (ETH) trusts into ETFs. The possible approval of the Solana ETF would add another important milestone to Grayscale’s portfolio.
According to gray scale presentation 19b-4Grayscale Solana Trust is the largest Solana investment fund globally by assets under management (AUM), with holdings valued at approximately $134.2 million. This figure represents a considerable share, representing approximately 0.1% of all Solana (SOL) tokens in circulation.
Transforming the trust into a spot ETF would improve its accessibility to retail and institutional investors, which could generate more interest and investment in the Solana ecosystem.
Grayscale has appointed Coinbase Custody as custodian of the ETF, ensuring the secure storage of its SOL holdings. Additionally, BNY Mellon Asset Servicing, a division of The Bank of New York Mellon, will serve as trustee and transfer agent for the trust.
Grayscale’s filing comes at a time of intense competition among asset managers vying for SEC approval to list Solana spot ETFs. Other prominent companies, including 21Shares, Canary Capital, VanEck and Bitwise, have also submitted proposals for similar products. Franklin Templeton, a heavyweight in traditional asset management, is reportedly exploring the possibility of launching its own Solana spot ETF, which would further heat up the race.
Despite the crowded field, Grayscale’s current position as the largest Solana investment fund may provide a strategic advantage. The company has already demonstrated its ability to overcome regulatory hurdles, as evidenced by its successful Bitcoin and Ether ETF conversions.
To proceed, Grayscale must not only obtain approval of its 19b-4 filing, which notifies the SEC of a proposed rule change by a financial regulator, but also file an S-1 registration statement. S-1 approval would be critical as it would allow Grayscale to list GSOL on public stock exchanges.
The SEC’s decision will likely depend on its assessment of market maturity, oversight mechanisms and investor protection measures. The regulator has historically been cautious about approving spot cryptocurrency ETFs, citing concerns about market manipulation and insufficient oversight. However, the tide appears to be turning, with the SEC recently showing a more open stance toward cryptocurrency-based investment products.
Solana’s meteoric rise
The presentation coincides with Solana’s impressive performance in the market over the past year. The cryptocurrency has increased by 277% in the last 12 months, reaching a market capitalization of more than $112 billion. Currently trading at $238 per token, solarium has seen a price increase of almost 4% since Grayscale’s introduction.
Blockchain’s high-speed transaction capabilities and low fees have positioned it as a formidable competitor to Ethereum and other smart contract platforms. Solana’s growing adoption in decentralized finance (DeFi), non-fungible tokens (NFT), and Web3 applications has driven its price rally and attracted significant investor interest.
Grayscale’s move indicates growing demand for cryptocurrency ETFs as a gateway for traditional investors to access digital assets. Spot ETFs, in particular, provide direct exposure to the underlying cryptocurrencies, offering a simpler and more transparent alternative to futures-based ETFs.
The launch of a Solana spot ETF could further legitimize the cryptocurrency in the eyes of mainstream investors, paving the way for broader institutional adoption. Additionally, it highlights the current evolution of financial markets as they adapt to the digital asset revolution.
As Grayscale competes with rivals and navigates regulatory scrutiny, market participants will closely monitor the outcome of its filing. An approval could set a precedent for future spot cryptocurrency ETFs and potentially accelerate the integration of blockchain assets into the global financial system.
Orbitt Launches ORBT Staking Program with $2.5M in Rewards, Revolutionizing the Solana Ecosystem
Solana’s innovative network hub Orbitt (ORBT) has unveiled its long-awaited staking program, providing a significant $2.5 million reward pool for participants. Launched on December 3, 2024, this program is designed to improve community engagement, drive governance participation, and deliver ongoing value to ORBT token holders. With its innovative features, including a buyback mechanism and tiered reward structure, the initiative aims to solidify Orbitt’s position as a leading player in the Solana ecosystem.
The new staking program allows ORBT holders to generate rewards while actively participating in the protocol’s governance and ecosystem. By betting on ORBT, participants can unlock access to Orbitt’s flagship services, such as Orbitt PAD, a launchpad for vetted, high-potential projects seeking funding, development and marketing support.
The most promising projects on Orbitt PAD will also receive investments of up to $100,000, positioning them for successful launches and long-term growth. This dual benefit of community rewards and ecosystem support ensures a mutually beneficial relationship between stakeholders and the broader Orbitt ecosystem.
Orbitt founder Pixel expressed his excitement about the staking program’s potential to drive organic growth and foster a stronger community:
“We are thrilled to add ORBT to our community and reward those who believe in our long-term vision. “This program exemplifies Orbitt’s dedication to sustainable growth and genuine value creation.”
Orbitt’s chief marketing officer echoed this sentiment, highlighting the program’s focus on rewarding trust and encouraging participation within a community-driven ecosystem.
A cornerstone of the ORBT staking program is its novel buyback mechanism, which ensures a steady stream of rewards for participants. Orbitt has allocated 25% of the total ORBT token supply (over five million tokens) to a dedicated buyback wallet to support the staking initiative. These tokens are not stagnant; instead, they are replenished using fees generated by Orbitt’s MM Volume Booster services, which purchase ORBT tokens on the market.
This buyback mechanism not only sustains the reward pool, but also strengthens the market dynamics of ORBT by creating constant demand, increasing the value of the token over time.
Tiered reward structure incentivizes long-term commitment
The betting program is designed with a time-based tiering system to incentivize long-term participation. Punters can earn progressively higher rewards depending on the length of their commitment:
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30 days: Participants receive a x2 reward multiplier.
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90 days: Rewards increase to a 3x multiplier.
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180 days – Long-term bettors enjoy a maximum 4x reward multiplier.
This tiered structure is evidence of Orbitt’s emphasis on rewarding loyal community members who contribute to the stability and growth of the platform.
Orbitt has carved a niche for itself as a comprehensive cryptocurrency ecosystem offering a range of B2B products on the Solana blockchain. The launch of its engagement program is a strategic move to elevate its offering and solidify its position as a leading network hub. By integrating staking rewards with tangible ecosystem benefits, such as Orbitt PAD and buyback mechanisms, Orbitt is redefining how blockchain projects drive community engagement and sustainable growth.
The ORBT staking program marks an important milestone for the Orbitt and Solana blockchain ecosystem. By offering substantial rewards and encouraging active community participation, the program has the potential to attract a broader audience of investors and developers. Additionally, the innovative buyback mechanism could serve as a model for other projects seeking to align tokenomics with long-term growth.
For solariumOrbitt’s staking initiative enhances its appeal as a blockchain network capable of hosting robust and scalable ecosystems. As the cryptocurrency market increasingly favors utility-driven tokens and community-focused platforms, Orbitt’s approach could position Solana as a leader in blockchain innovation.
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