Grayscale Investments Files for Solana ETF with the New York Stock Exchange (NYSE)

Grayscale Investments has filed for a Solana ETF with the New York Stock Exchange (NYSE), reflecting a growing wave of pro-crypto regulations under President Donald Trump.

Grayscale filed for a Solana exchange-traded fund (ETF) with the New York Stock Exchange (NYSE), joining a wave of pro-cryptocurrency regulations.

The proposed Trust is the largest Solana investment fund in the world, with about $134.2 million in assets under management, out of the total circulating supply of Solana (SOL).

The Trust is currently not an exchange-traded product (ETP), which has limited its Shares from closely tracking the underlying SOL price.

Grayscale said that converting the Trust into a spot Solana ETF will provide a safer and more secure investment vehicle for investors, allowing them to trade on a regulated national securities exchange.

The Trust is organized as a Delaware statutory trust and will operate under a trust agreement between Grayscale, the Sponsor, and the Delaware Trust Company, the Trustee.

Coinbase Custody Trust Company will serve as the Custodian, while BNY Mellon Asset Servicing is expected to be the administrator and transfer agent, with distribution and marketing services to be provided by Foreside Fund Services.

The Trust's investment objective is to have the value of its Shares reflect the value of the SOL held by the Trust, minus expenses and any liabilities.

While investing in the Shares does not equate to a direct purchase of SOL, the Shares are designed to provide a cost-effective and convenient alternative for investors seeking exposure to this digital asset.

In addition to Grayscale's Solana ETF application, the crypto asset manager has also filed for a spot Litecoin ETF, joining other firms like Canary Capital and CoinShares that recently made similar applications.

Following Grayscale's application for a Solana ETF, the price of SOL went up noticeably by 3.5%, reclaiming the $258 mark.