Grayscale Investments, a leading digital asset manager, has filed with the US Securities and Exchange Commission (SEC) to convert its existing Solana Trust into a spot Solana exchange-traded fund (ETF).
The proposed ETF, trading under the ticker GSOL, would provide investors with direct exposure to Solana (SOL) without requiring them to hold the crypto itself. If approved, it will be listed on the New York Stock Exchange.
Grayscale Leads in Solana Investment
According to the filing, GSOL would aim to directly track SOL’s price, similar to the structure of Grayscale’s existing Bitcoin and Ethereum trusts. Coinbase Custody would serve as the custodian for the ETF, while BNY Mellon would handle administration and transfer services.
The Grayscale Solana Trust is already the largest Solana investment fund globally, with $134.2 million in assets under management. As per the filing, the trust’s Solana holdings represent approximately 0.1% of all SOL in circulation.
However, Grayscale is not the only institutional player in the race. Rival funds such as 21Shares, Canary Capital, VanEck, and Bitwise are also seeking the SEC’s approval to launch spot Solana ETFs.
Coincides With Solana Price Rise
The competition comes at a time when Solana’s price has experienced a meteoric rise, gaining 277% over the past year and pushing its market value above $112 billion.
Following Grayscale’s announcement, SOL surged 6% to $237 after briefly dropping to $217 the previous day, as per CoinMarketCap data.
On the Flipside
- The SEC has yet to approve any spot Solana ETFs.
- Solana’s history of network disruptions and concerns over its decentralization could attract additional regulatory scrutiny.
Why This Matters
Grayscale’s move highlights growing institutional interest in Solana as a blockchain platform known for its scalability and low transaction costs. If approved, GSOL would make Solana more accessible to traditional investors, likely boosting adoption and market liquidity.
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