Grayscale Files To Convert Solana Trust Into ETF

Grayscale has become the latest entrant into the Solana ETF sweepstakes as it looks to convert its existing Solana Trust (GSOL) into an exchange-traded fund. A 19b-4 filing submitted by NYSE Arca, the exchange that would list the fund, was made on Tuesday evening. The U.S. Securities and Exchange Commission (SEC) requires exchanges to submit such a filing to inform the SEC of a proposed rule change by a self-regulatory organization (SRO) such as an exchange. Grayscale is now the fifth asset manager that has filed to launch a Solana ETF, following Bitwise, VanEck, 21Shares and newly formed Canary Capital, all of which announced plans earlier this year. Grayscale already successfully converted its flagship Ethereum and Bitcoin trusts into ETFs earlier this year. The company launched the closed-end Solana Trust in 2021 as its 16th investment product and it now holds $134 million in assets under management per this evening's filing. Alongside much of the rest of the crypto market, Solana has seen a sharp rally this year — particularly so since the early November election of Donald Trump which promised a friendlier regulatory environment for the industry. SOL jumped about 3% on this evening's filing and is now ahead more than 130% year-to-date.