Grayscale Investments, a prominent digital asset management firm, has officially filed with the U.S. Securities and Exchange Commission (SEC) to launch a spot Solana exchange-traded fund (ETF).
If granted approval, the proposed fund, named the Grayscale Solana Trust and trading under the ticker “GSOL,” would be listed on the New York Stock Exchange. The SEC submission, dated Dec. 3, outlines plans to convert Grayscale’s existing Solana Trust into a spot ETF, following similar transitions for its Bitcoin and Ether trusts.
In the filing, Grayscale emphasized the significance of the trust, stating: “The Trust is the world’s largest Solana investment fund by assets under management as of the date of this filing.” The trust currently manages $134.2 million in Solana assets, representing about 0.1% of the total circulating supply of SOL.
Coinbase Custody is designated as the custodian for the fund, while BNY Mellon Asset Servicing, a division of The Bank of New York Mellon, is expected to serve as the trust’s administrator and transfer agent.
Grayscale faces stiff competition from other firms like 21Shares, VanEck, Canary Capital, and Bitwise, all seeking SEC approval for spot Solana ETFs. Franklin Templeton is also reportedly exploring similar offerings.
For the GSOL ETF to proceed, Grayscale must also submit an S-1 registration statement alongside its 19b-4 filing, which proposes regulatory changes to enable the ETF’s listing. Once approved, the S-1 would permit the ETF to trade on a public exchange.
The race to launch a spot Solana ETF has heated up as the cryptocurrency continues its impressive growth. Over the past year, Solana’s price has surged by 277%, pushing its market capitalization to over $112 billion. Following Grayscale’s filing, Solana saw a nearly 4% increase in its value, trading at $238.
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