Grayscale Investments has applied to the Securities and Exchange Commission (SEC) to convert its current Grayscale Solana Trust into a spot Solana exchange-traded fund. If approved, the proposed ETF, ticker GSOL, will trade on the New York Stock Exchange, providing investors with a direct and regulated means to obtain exposure to Solana (SOL), one of the cryptocurrency market’s fastest-growing blockchain platforms.
The Grayscale Solana Trust, with $134.2 million in assets, is the world’s largest Solana-focused investment fund. The filing states that the trust holds 0.1% of Solana tokens. Grayscale named Coinbase Custody as the fund’s custodian as part of the application process, with BNY Mellon Asset Servicing in charge of management and transfer operations.
Grayscale’s registration comes as competition for a position in the Solana ETF heats up, with several other firms, including 21Shares, VanEck, and Bitwise, making similar applications. This drive for Solana ETFs comes after the cryptocurrency’s spectacular price climb, which has increased its worth by 277% in the last year.
If approved, the GSOL ETF would function similarly to Grayscale’s prior successful Bitcoin and Ethereum ETFs, directly following the Solana price. The growing interest in Solana, as well as its market size, has increased demand for cryptocurrency-linked ETFs, making this filing an important step forward for Grayscale and the larger digital asset investment ecosystem.
