Grayscale Proposes Converting Solana Trust to Spot ETF on NYSE Arca
Grayscale Investments has submitted a proposal to the U.S. Securities and Exchange Commission (SEC) to convert its Grayscale Solana Trust (GSOL) into a spot exchange-traded fund (ETF) listed on NYSE Arca.
According to a 19b-4 filing submitted Tuesday, the conversion aims to improve investor access to Solana (SOL) by enabling shares of the trust to trade as an ETF on a regulated exchange. Grayscale believes this transition will enhance SOL’s price tracking and eliminate inefficiencies associated with the trust’s current over-the-counter (OTC) structure.
This move is part of a broader push by crypto asset managers to launch spot Solana ETFs in the U.S. Recent filings from firms like VanEck, 21Shares, Canary Capital, and Bitwise Asset Management have highlighted growing interest in Solana-based ETFs, especially after pro-crypto U.S. President-elect Donald Trump’s re-election last month renewed optimism in the digital asset sector.
Grayscale’s Solana Trust, which manages $134.2 million in assets (representing 0.1% of SOL in circulation), currently trades under the ticker “GSOL” on OTC markets. The firm expects the ETF listing to increase liquidity and align the trust with mainstream financial products.
This proposal follows Grayscale’s successful conversions of its Bitcoin Trust (GBTC) into a spot Bitcoin ETF in January and its Ethereum Trust (ETHE) into a spot Ethereum ETF in July. Spot crypto ETFs have gained momentum in the U.S. amid evolving regulatory attitudes, with approvals for spot Bitcoin and Ether ETFs fueling hopes for similar Solana ETFs.
Speculation that crypto-friendly former regulator Paul Atkin could chair the SEC under Trump’s administration has further bolstered investor confidence.
Solana’s price has responded positively, trading 5% higher at $235, according to CoinGecko.
