Grayscale Investments has filed an application with the US Securities and Exchange Commission (SEC) to transform its Solana Trust into a spot exchange-traded fund (ETF), marking another bold move in the digital asset market.
The proposed ETF would trade on the New York Stock Exchange under the ticker GSOL, providing investors with direct exposure to the Solana cryptocurrency. The filing follows Grayscale's recent success in converting its Bitcoin and Ether products into spot ETFs after receiving SEC approval.
Currently managing $134.2 million in assets, the Grayscale Solana Trust stands as the largest Solana-focused investment fund globally. Following the announcement, Solana's price jumped nearly 7% to $238 before settling at $234.
The filing arrives amid growing competition from other major asset managers. Companies including VanEck and Bitwise have submitted similar applications, highlighting the increasing interest in Solana-based investment products.
Solana's value has surged by 275% over the past year, driven by its reputation as a fast and cost-effective blockchain platform. With a market capitalization exceeding $110 billion, Solana has established itself as a leading cryptocurrency.
While the SEC has approved Bitcoin and Ether spot ETFs, it has yet to greenlight any spot ETF for alternative cryptocurrencies like Solana. The regulatory body continues to evaluate concerns about market manipulation, liquidity, and investor protection in the crypto space.
Through this filing, Grayscale aims to expand access to digital assets via traditional financial products, potentially creating new opportunities for both institutional and retail investors to participate in the growing blockchain technology sector.