Digital asset manager Grayscale Investments has applied to the U.S. Securities and Exchange Commission to launch a spot Solana exchange-traded fund (ETF).
If approved, Grayscale Solana Trust will trade on the New York Stock Exchange under the ticker GSOL. According to 19b-4 filed with the SEC on December 3rd.
If approved, the ETF would convert the existing Grayscale Solana Trust into a spot ETF. This is similar to Grayscale converting its spot Bitcoin (BTC) and Ether (ETH) trusts into ETFs.
Excerpt from Grayscale's 19b-4 filing to list the Spot Solana ETF. Source: New York Stock Exchange
According to the filing, “The Trust is the world's largest Solana investment fund by assets under management as of the filing date,” with approximately $134.2 million in assets under management.
Grayscale pointed out that the Solana (SOL) it owns represents about 0.1% of all SOL in circulation.
The custodian of the Grayscale Spot Solana ETF will be Coinbase Custody, and BNY Mellon Asset Servicing, a division of Bank of New York Mellon, will serve as the trust administrator and transfer agent. is stated in the application.
Grayscale is vying for SEC approval for the Spot SOL ETF, along with ETF publishing rivals 21Shares, Canary Capital, VanEck and Bitwise, and Franklin Templeton is also considering launching one.
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Grayscale will also be required to attach an S-1 registration statement to its 19b-4 filing, which notifies the SEC of proposed rule changes by financial regulators and self-regulatory bodies such as stock exchanges.
If the S-1 form is approved, Grayscale will be able to list GSOL on a public stock exchange.
Competition for spot ETF listings has intensified as the Solana ETF's price has risen 277% in the past 12 months, bringing its market cap to more than $112 billion.
Solana is currently trading at $238, up nearly 4% since Grayscale filed its 19b-4.
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