Grayscale Moves to List Solana ETF on NYSE

By: Eliza Bennet

Grayscale, a prominent digital asset manager, has taken a significant step by registering with the United States Securities and Exchange Commission (SEC) to list its Grayscale Solana Trust exchange-traded fund (ETF) on the New York Stock Exchange (NYSE). This move aligns with applications from other major asset managers like Canary Capital, Franklin Templeton, and VanEck who are also eyeing Solana ETFs in the United States. The new ETF, trading under the ticker symbol "GSOL", will notably hold spot SOL, the native token of the Solana blockchain, as its principal underlying asset.

Grayscale first announced its intent to convert its existing Solana Trust into an ETF in its 19b-4 submission with the SEC made in December 2024. The financial firm’s strategic move highlights its commitment to broadening the availability of investment vehicles linked to prominent digital currencies like Solana. This initiative is expected to facilitate broader market access and offer more investment flexibility for institutional and retail investors alike.

While Grayscale has been actively working towards expanding its ETF offerings, the current financial landscape presents challenges, as noted by Solana's recent price dip to a 13-month low. Nonetheless, the anticipated ETF listing on the NYSE could potentially bolster Solana’s market presence and offer investors new avenues for engaging with the cryptocurrency market.

This development comes in the midst of an evolving regulatory environment, where the SEC continues to scrutinize digital assets and related investment products. Grayscale’s efforts reflect a broader trend among asset managers to secure cryptocurrency-linked ETF approvals that can provide regulated investment opportunities. This movement is pivotal in promoting mainstream adoption of blockchain technology and cryptocurrencies.