Grayscale Investments has filed for a Solana ETF with the Latest York Stock Exchange (NYSE), reflecting a growing wave of pro-crypto regulations under President Donald Trump.
Proposed Solana ETF By Grayscale
In accordance with the NYSE’s official posting of the 19b-4 Form, the proposed Trust is the biggest Solana investment fund globally, boasting roughly $134.2 million in assets under management. This figure represents about 0.1% of all Solana (SOL) in circulation.
Currently, the Trust shouldn’t be listed as an exchange-traded product (ETP), which has reportedly hindered its Shares from closely tracking the underlying value of SOL.
Grayscale believes that converting the Trust right into a spot Solana ETF will offer a safer and safer investment vehicle for investors, enabling them to trade on a regulated national securities exchange.
Joins Competitors In Pursuing Spot ETFs For Litecoin
The Trust is structured as a Delaware statutory trust, and operates under a trust agreement between Grayscale because the Sponsor and the Delaware Trust Company because the Trustee.
Coinbase Custody Trust Company serves because the Custodian, while BNY Mellon Asset Servicing is anticipated to act because the administrator and transfer agent. The distribution and marketing efforts can be handled by Foreside Fund Services.
The investment objective of the Trust is to be sure that the worth of its Shares reflects the worth of the SOL held by the Trust, minus expenses and liabilities.
Though investing within the Shares doesn’t equate to a direct purchase of SOL, they’re designed to supply an economical and convenient alternative for investors seeking to gain exposure to this digital asset.
Along with Grayscale’s Solana ETF application, the crypto asset manager has also filed for a spot Litecoin ETF, aligning itself with other firms like Canary Capital and CoinShares, which have recently made similar applications.
With Grayscale’s recent application for a Solana ETF, the worth of SOL experienced a notable surge of three.5%, reclaiming the $258 mark.
Featured image from DALL-E, chart from TradingView.com