Grayscale Investments has filed with the U.S. Securities and Exchange Commission (SEC) to launch a spot Solana exchange-traded fund (ETF), aiming to convert its current Solana Trust into an ETF.
If approved, the ETF, under the ticker GSOL, might be listed on the New York Stock Exchange (NYSE), as per a 19b-4 filing with SEC.
The Grayscale Solana Trust is the biggest Solana funding fund, keeping about $134.2 million in assets. The submitting notes that the trust holds about 0.1% of all Solana (SOL) tokens in the move.
The custodian for the ETF could be Coinbase Custody, with BNY Mellon Asset Servicing looking after management.
Grayscale’s decision follows a growing trend of firms applying for spot Solana ETFs. Competitors like VanEck, 21Shares, and Bitwise have also filed similar applications, joining the race to bring Solana ETFs to market. This move comes as Solana’s rate has a visible brilliant increase, with a 277% growth inside the closing 12 months.
The SEC has already started reviewing the applications for various Solana ETFs, and Grayscale is hopeful for a faster approval process due to recent pro-crypto developments in the U.S. Grayscale’s proposed ETF would directly track Solana’s price, similar to its successful Bitcoin and Ethereum ETFs.
