Grayscale files for Solana-ETF registration with SEC
Grayscale files S-1 for a Solana-ETF
Grayscale Investments has taken another significant step toward expanding its crypto product lineup by filing an S-1 form with the U.S. Securities and Exchange Commission to launch a Solana exchange-traded fund (ETF).
The proposed fund will transform Grayscale’s existing Solana Trust—currently trading over-the-counter under the ticker GSOL—into a fully regulated ETF. With over $61 million in assets under management, GSOL’s shares are currently priced at approximately $9.75, reflecting a net asset value of 0.073 SOL per share. While the filing represents progress toward ETF conversion, Grayscale is still awaiting an SEC statement on its earlier 19b-4 filing, which remains unapproved.
Market implications and future outlook
The new Solana-ETF is part of a broader push by major issuers to bring altcoin-based ETFs to market, following recent approvals for spot Bitcoin and Ether ETFs. Although two Solana ETFs by Volatility Shares—trading as SOLT and SOLV—are already available, Grayscale’s application is unique in its attempt to convert an existing product with an established trader base and reserve structure. The market response has been muted; Solana’s price has lingered around $114.63 amid broader crypto market weakness. Analysts are cautiously optimistic that at least one of the pending Solana ETF applications, including those from industry giants like VanEck, Bitwise, and Fidelity, could be approved by the end of 2025.
As Grayscale continues to file for additional products—its Bitcoin Covered Call ETF and a new Avalanche-ETF are also in the pipeline—the potential approval of its Solana-ETF could inject fresh capital into the crypto market. This development may enhance mainstream participation, although past performance of similar products, such as Ethereum funds, suggests that ETF launches can yield mixed results. Investors will be closely watching the SEC’s decision, which could signal a new era of regulated crypto investments.
Meanwhile, Solana's price breaks below $120 as bearish momentum builds toward $110.
