Grayscale Files To Convert Solana Trust Into ETF

Currently
a
closed-end
fund
opened
by
Grayscale
in
2021,
the
Solana
Trust
has
$134
million
in
assets
under
management.

Dec
3,
2024,
10:14 p.m.
UTC

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.