Grayscale is now joining the race to launch a Solana ETF, seeking to convert its existing Solana Trust (GSOL) into an exchange-traded fund. The company filed a 19b-4 application with NYSE Arca, the exchange set to list the fund, on Tuesday evening. This filing is required by the U.S. Securities and Exchange Commission (SEC) to inform the agency of proposed rule changes by a self-regulatory organization like an exchange.
Grayscale is now the fifth asset manager to file for a Solana ETF, following Bitwise, VanEck, 21Shares, and the newly formed Canary Capital, all of which announced their own plans earlier this year.
In 2021, Grayscale launched the Solana Trust as its 16th investment product, which currently holds $134 million in assets under management. The company has already achieved success by converting its flagship Bitcoin and Ethereum trusts into ETFs earlier this year.
Solana has experienced a notable surge this year, driven by the broader cryptocurrency market rally. The recent election of Donald Trump, which is expected to bring a more favorable regulatory environment for the industry, has further fueled this growth. As of the filing, SOL had risen by approximately 3% and is up over 130% year-to-date.
