Grayscale has filed a proposal to convert its Solana Trust (GSOL) into an exchange-traded fund (ETF), adding to the growing list of companies seeking to launch a Solana-based ETF. The filing, submitted to the U.S. Securities and Exchange Commission (SEC) through NYSE Arca on Tuesday, notifies the SEC of a proposed rule change necessary for listing the fund.
This move makes Grayscale the fifth asset manager to file for a Solana ETF, following similar filings from Bitwise, VanEck, 21Shares, and Canary Capital earlier this year.
The Solana Trust, which Grayscale launched in 2021, currently manages $134 million in assets. Grayscale’s latest filing comes after the successful conversion of its Bitcoin and Ethereum Trusts into ETFs earlier this year. Solana has seen remarkable growth in 2023, with its price surging more than 130%, driven in part by increased regulatory optimism following Donald Trump’s election. Following the filing, Solana’s token SOL saw a 3% rise, continuing its positive momentum.
