Grayscale, the leading cryptocurrency asset manager, has officially submitted an S-1 form to the U.S. Securities and Exchange Commission (SEC) to convert its Solana Trust into an exchange-traded fund (ETF). However, one key aspect is missing as this ETF will not include any Solana staking.
The company’s recent filing reveals that the ETF, initially named Grayscale Solana Trust (SOL), will be listed on the NYSE Arca exchange. If approved, it will be rebranded as the Grayscale Solana Trust ETF.
This ETF will hold SOL tokens and track their price using the CoinDesk Solana Price Index (SLX). Grayscale has confirmed that Coinbase will act as the prime broker and custodian, while the Bank of New York Mellon will serve as the transfer agent and administrator.
However, this move follows Fidelity’s similar step earlier this year, signaling increasing interest in Solana-based investment products.
Unlike direct SOL holders who can stake their tokens to earn rewards, Grayscale’s Solana ETF will not participate in staking. This means investors who buy shares in this ETF won’t receive any staking benefits.
While some might see this as a drawback, it also reduces regulatory complexities, which could improve the ETF’s chances of approval.
Investor optimism about the Solana ETF’s approval is rising, as the prediction market Polymarket suggests there is an 83% chance of approval in 2025. This shift is largely due to a more crypto-friendly approach from regulators, especially after changes in U.S. leadership.
As of now, Solana’s price is trading around $116, reflecting a 2% rise in the last 24 hours, with a market cap of nearly $59.6 billion. Solana has also expanded, with trading volume jumping from $5 billion in January to $12.6 billion by March 2025.
As anticipation builds for the SEC’s decision, all eyes are on Solana’s potential next big move in the crypto market.
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