Originally published on: December 03, 2024
Digital asset management giant Grayscale Investments has taken a significant step by filing with the Securities and Exchange Commission to introduce a spot Solana exchange-traded fund (ETF) in the United States.
The proposed Grayscale Solana Trust, with the ticker GSOL, is set to be listed on the New York Stock Exchange pending approval. This move, outlined in a 19b-4 filing with the SEC on Dec. 3, marks the conversion of Grayscale’s existing Solana Trust into a spot ETF, similar to its Bitcoin and Ether trusts.
According to the filing, the Grayscale Solana Trust is currently the largest Solana investment fund globally, boasting $134.2 million in assets under management. Grayscale clarified that its Solana holdings represent approximately 0.1% of the total SOL in circulation.
If approved, Coinbase Custody will act as the custodian for the new ETF, with BNY Mellon Asset Servicing expected to serve as the administrator and transfer agent for the trust.
Grayscale is now in competition with other ETF issuers like 21Shares, Canary Capital, VanEck, and Bitwise to secure SEC approval for a spot Solana ETF. Even Franklin Templeton is reportedly considering entering this space.
To progress further, Grayscale must complement its 19b-4 filing with an S-1 registration statement, a necessary step to allow GSOL to be listed on a public stock exchange.
Amidst Solana’s impressive 277% price surge in the last year, pushing its market cap above $112 billion, the race to launch a spot Solana ETF has heated up. The token is currently priced at $238, marking a nearly 4% increase since Grayscale’s filing of the 19b-4.
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