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Grayscale Investments has filed with the New York Stock Exchange (NYSE) to convert its Grayscale Solana Trust (GSOL) into a spot Solana exchange-traded fund (ETF). If approved, this would mark Grayscale’s entry into the increasingly competitive spot Solana ETF market in the United States.
Grayscale’s Solana ETF Filing
The 19b-4 filing today aims to uplist the GSOL product, which is currently traded over-the-counter, to the NYSE Arca platform, enabling broader investor access. This move aligns with a growing trend among asset managers seeking approval for spot Solana ETFs, a development signaling increased institutional interest in Solana’s blockchain ecosystem.
Grayscale’s application brings the total number of spot Solana ETF filings in the U.S. to five. While the SEC has yet to approve a spot SOL ETF, Grayscale’s latest filing reflects the industry’s ongoing push to expand regulated crypto investment products. Approval would offer investors direct exposure to Solana’s native token, SOL.
Nonetheless, with the changing leadership at the SEC, such an approval could be secured in 2025. Recent reports indicate that President-elect Trump is eyeing Paul Atkins for the SEC Chairman’s role as Gary Gensler will make his exit on January 20. This further solidifies hopes of approval of several altcoin ETFs.
Is Grayscale XRP ETF Next?
Earlier this year, Vaneck, 21Shares, Bitwise and Canary Capital filed for a spot SOL ETF alongside XRP ETFs. Grayscale has now joined the league with today’s filing.
Moreover, in September, the asset manager created an XRP Trust, which signaled its interest in Ripple’s native token. If the firm follows the trend, then netizens also expect another XRP ETF filing on the way.