Grayscale Investments, a leading digital asset manager, has filed with the United States Securities and Exchange Commission (SEC) to launch a spot Solana exchange-traded fund (ETF). According to a Dec. 3 filing, the proposed ETF would trade under the ticker “GSOL” on the New York Stock Exchange (NYSE).
If approved, the Grayscale Solana ETF will be a conversion of the firm’s existing Grayscale Solana Trust, mirroring previous transformations of its Bitcoin and Ether trusts into ETFs. Currently, the Grayscale Solana Trust holds $134.2 million in assets under management (AUM), making it the largest Solana investment fund globally, according to the filing. The trust’s holdings represent approximately 0.1% of all Solana (SOL) tokens in circulation.
Custodial and Administrative Partners
Grayscale has enlisted Coinbase Custody as the custodian for the proposed ETF, with BNY Mellon Asset Servicing, a division of The Bank of New York Mellon, expected to serve as the administrator and transfer agent. These partnerships reflect the institutional-grade infrastructure supporting the potential ETF.
Grayscale is not the only firm vying for approval of a spot Solana ETF. Rivals such as 21Shares, Canary Capital, VanEck, Bitwise, and Franklin Templeton are also seeking to launch similar products. The competition is intensifying as Solana’s price has surged by 277% over the past year, pushing its market capitalization above $112 billion.
Regulatory Hurdles and Market Outlook
Grayscale’s 19b-4 filing, which requests a rule change from the SEC, must be accompanied by an S-1 registration statement. Approval of the S-1 form would allow Grayscale to list GSOL on a public exchange, a critical step toward ETF realization.
The filing comes at a time when Solana is trading at $238, up nearly 4% since the filing was made, signaling strong market interest. As the SEC weighs its decision, the race to offer the first spot Solana ETF could reshape the landscape for institutional investment in crypto.
Grayscale’s latest move underscores its ongoing commitment to expanding its ETF offerings, positioning itself at the forefront of the evolving digital asset investment space.
