Digital asset manager Grayscale has filed with the U.S. Securities and Exchange Commission (SEC) to list its Grayscale Solana Trust exchange-traded fund (ETF) on the New York Stock Exchange (NYSE), according to a regulatory filing made public on April 4. The ETF, under the ticker symbol “GSOL,” will hold spot Solana (SOL) as its underlying asset.
The filing was made through an S-1 registration statement and marks a significant step in Grayscale’s strategy to bring Solana into the mainstream financial markets. If approved, the ETF would be one of the first of its kind, expanding the number of cryptocurrency assets available to U.S. investors through traditional financial instruments.
Regulatory Shift Fuels Crypto ETF Applications
The filing with the SEC comes after Grayscale submitted a 19b-4 application in December 2024, requesting approval to convert its existing Grayscale Solana Trust into an ETF. This move is part of a broader trend in the U.S., where asset managers are seeking to tap into the growing demand for cryptocurrency-based investment products.
In recent months, there has been a noticeable shift in the regulatory landscape in Washington, DC, as the SEC has become more open to approving digital asset ETFs. The move to list the Solana ETF follows the SEC’s approval of several Bitcoin-related products in previous years, signaling potential support for additional cryptocurrency ETFs.
Other Firms Eye Solana ETF Launch
Grayscale’s move comes as other asset managers, including Canary Capital, Franklin Templeton, and VanEck, have also applied to launch their own Solana ETFs. These firms are seeking approval from the SEC to offer investment products that track the performance of Solana, one of the largest and fastest-growing cryptocurrencies by market capitalization.
Solana’s growing presence in the digital asset space, coupled with the SEC’s evolving stance on cryptocurrency regulation, has led to increased optimism that Solana could be the next digital asset to gain approval for an ETF listing.
The approval of a Solana ETF would represent another milestone in the ongoing integration of digital assets into traditional financial markets.
