Grayscale has filed to convert its Solana Trust (GSOL) into an exchange-traded fund (ETF), joining the growing list of firms seeking approval for a Solana-based ETF. The filing, made with NYSE Arca on Tuesday, seeks to inform the U.S. Securities and Exchange Commission (SEC) of a proposed rule change, a necessary step for listing the fund.
This makes Grayscale the fifth major asset manager to pursue a Solana ETF, following Bitwise, VanEck, 21Shares, and Canary Capital, all of which had already submitted their plans earlier this year.
Launched in 2021, the Solana Trust has grown to manage $134 million in assets, and Grayscale’s attempt to transition it into an ETF follows the successful conversion of its Bitcoin and Ethereum Trusts earlier this year. Solana has seen significant gains recently, with its value surging by over 130% this year, fueled by optimism surrounding the regulatory landscape following Donald Trump’s election. After the ETF filing, SOL rose about 3%, continuing its upward trend.
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