Grayscale files with SEC for spot Solana ETF

Digital asset manager Grayscale Investments has filed with the United States Securities and Exchange Commission to launch a spot Solana exchange-traded fund (ETF).

If approved, the Grayscale Solana Trust, under the ticker GSOL, would trade on the New York Stock Exchange, according to a 19b-4 filing with the SEC on Dec. 3.

If approved, the ETF would be a conversion of the existing Grayscale Solana Trust into spot ETF — the same as how Grayscale converted its spot Bitcoin and Ether trusts into ETFs.

SEC, Grayscale, Solana
Extract from Grayscale’s 19b-4 filing to list a spot Solana ETF. Source: NYSE

According to the filing, “The Trust is the world’s largest Solana investment fund by assets under management as of the date of this filing,” holding roughly $134.2 million in assets under management.

Grayscale noted the Solana it holds represents around 0.1% of all SOL in circulation.

The custodian for Grayscale’s spot Solana ETF would be Coinbase Custody, while BNY Mellon Asset Servicing, a division of The Bank of New York Mellon, is expected to be the administrator and transfer agent of the Trust, the filing stated.

Grayscale joins ETF issuing rivals 21Shares, Canary Capital, VanEck and Bitwise in vying for the SEC’s approval of a spot SOL ETF — which Franklin Templeton is also considering to launch.

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Grayscale would also need to accompany its 19b-4 filing — which informs the SEC of a proposed rule change by a self-regulatory organization such as a financial regulatory body or stock exchange — with an S-1 registration statement.

An approved S-1 form would allow Grayscale to list GSOL on a public stock exchange.

Competition to list a spot Solana ETF has intensified as the cryptocurrency’s price has gained 277% over the last 12 months to reach a market cap above $112 billion.

Solana is currently trading at $238 — up almost 4% since the Grayscale filed its 19b-4.

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