Grayscale is making its move in the race to launch a Solana ETF, filing to convert its $134 million Solana Trust (GSOL) (GSOL) into an exchange-traded fund. This marks the fifth attempt by a major asset manager to launch a Solana-based ETF, following competitors like Bitwise and VanEck. According to CoinDesk, the company submitted a 19b-4 filing through NYSE Arca on Tuesday evening, as required by the U.S. Securities and Exchange Commission (SEC).
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Grayscale’s Growing ETF Ambitions
Grayscale has been here before. Earlier this year, the company successfully converted its Ethereum (ETH-USD) and Bitcoin trusts into ETFs, cementing its reputation for navigating regulatory hurdles. GSOL, which launched in 2021 as Grayscale’s 16th investment product, is now following in their footsteps. The company described the move as a natural next step, highlighting the growing demand for Solana-based products.
Solana’s Recent Surge Bolsters Confidence
Timing is everything, and Grayscale seems to have picked a sweet spot. Solana (SOL-USD) has seen a massive rally in 2024, jumping over 136% year-to-date. According to Blockworks, the cryptocurrency surged an additional 3% following the filing, fueled in part by a more crypto-friendly regulatory environment under the Trump administration.
