Grayscale Files to Launch Solana Spot ETF on NYSE

Grayscale has filed with the U.S. Securities and Exchange Commission (SEC) to register its Grayscale Solana Trust as a spot exchange-traded fund (ETF) under the ticker “GSOL.”

If approved, the ETF would trade on the New York Stock Exchange (NYSE) and be backed directly by spot Solana (SOL), as outlined in the S-1 registration form submitted on April 4.

This move follows Grayscale’s earlier 19b-4 filing in December 2024, in which it announced its intention to convert the existing Solana Trust into a publicly traded ETF. The company is among a growing list of asset managers pushing crypto ETF applications amid improved regulatory sentiment in Washington under the Trump administration.

Despite gaining high-profile attention — including an endorsement from U.S. President Donald Trump, who listed Solana as part of the nation’s official digital asset reserve — SOL’s price has struggled. The token is currently down about 60% from its January 2025 peak of $295, hit hard by investor anxiety around trade wars and tighter monetary conditions.

Grayscale’s filing could offer a boost to the struggling asset. By opening access to institutional and traditional investors through regulated markets, the ETF could help inject new capital into SOL. This kind of product could also add a layer of price stability, especially compared to lesser-known altcoins without ETF exposure.

Still, questions remain about how much real demand the proposed U.S. crypto reserve or Grayscale’s ETF will generate in the near term — especially in a market climate increasingly hostile to risk assets. If approved, GSOL could become a litmus test for mainstream investor appetite toward second-tier digital assets during periods of economic turbulence.

Grayscale’s move comes as it competes with other financial firms, including 21Shares, Canary Capital, VanEck, and Bitwise, in vying for SEC approval of a spot Solana ETF. Franklin Templeton is also considering a similar initiative.

While Bitcoin and Ethereum ETFs successfully cleared regulatory hurdles and started trading, market analysts have remained skeptical about the chances for Solana ETFs.