Grayscale is taking steps to transform its Grayscale Solana Trust (GSOL) into an exchange-traded fund (ETF) as part of their expansion into the Solana market. This trust was established in 2021 and currently manages approximately $134 million in assets.
The filing for this conversion was submitted by NYSE Arca, the exchange proposed to list the fund, signaling Grayscale’s intent to operate as a public ETF rather than a closed-end fund. The U.S. Securities and Exchange Commission (SEC) requires such filings for any proposed rule changes from self-regulatory organizations, including exchanges.
Grayscale becomes the fifth asset manager to announce plans for a Solana ETF, following Bitwise, VanEck, 21Shares, and Canary Capital, all of whom made similar announcements earlier in the year. Earlier this year, Grayscale successfully converted its flagship Bitcoin and Ethereum trusts into ETFs.
The existing Solana Trust, launched in 2021, is part of Grayscale’s portfolio of investment products. Solana itself has experienced a significant surge in value, especially in the wake of the recent U.S. elections, which have led to expectations of a more favorable regulatory environment for cryptocurrencies. Following the recent filing, Solana’s price increased by about 3%, marking an impressive year-to-date rise of over 130%.
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