Gray volume files with Spot Solana ETF
Digital asset manager Greyscale Investments has filed with the United States Securities and Exchange Commission to launch a Spot Solana exchange-traded fund (ETF).
If approved, Greyscale Solana Trust, under ticker GSL, will trade on the New York Stock Exchange, according to a Dec. 3 19b-4 filing with the SEC.
If approved, the ETF would convert the existing Grayscale Solana Trust into a spot ETF — similar to how Grayscale converted its spot Bitcoin (BTC) and Ether (ETH) trust into an ETF.
Extract from Grayscale 19b-4 file to list the Solana ETF position. 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, with approximately $134.2 million in assets under management.
Grayscale says Solana (SOL) represents about 0.1% of all SOL in circulation.
The custodian of Greyscale's spot Solana ETF will be Coinbase Custody, while BNY Mellon Asset Servicing, a division of Bank of New York Mellon, is expected to be the trustee and transfer agent.
Grayscale competes with ETF rivals 21Shares, Canary Capital, VanEck and Bitwise for the SEC's spot SOL ETF — which Franklin Templeton is also considering launching.
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Grayscale will also need to accompany a 19b-4 filing — which is filed by a self-regulatory organization such as a financial regulatory body or stock exchange — with an S-1 registration statement that notifies the SEC of the rule change.
An approved Form S-1 will allow Grayscale GSOL to be listed on a public stock exchange.
Competition for a listing spot on the Solana ETF has intensified, with the cryptocurrency rising 277% in the past 12 months to a market cap of more than $112 billion.
Solana is currently trading at $238 — up nearly 4% since Grayscale filed its 19b-4.
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