Digital asset manager Grayscale Investments 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.
The ETF would be a conversion of its existing Grayscale Solana Trust into a spot ETF, just as it converted its spot Bitcoin (BTC) and Ether (ETH) trusts into ETFs.
Extract from Grayscale’s 19b-4 filing to list a spot Solana ETF. Source: NYSE
“The Trust is the world’s largest Solana investment fund by assets under management as of the date of this filing,” it said. The trust holds $134.2 million in assets under management.
Grayscale noted the Solana (SOL) 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 said.
Grayscale joins ETF issuing rivals 21Shares, Canary Capital, VanEck and Bitwise in vying for SEC approval of a spot SOL ETF. Franklin Templeton is also considering one.
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Grayscale must 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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