Solana Spot ETF May Be Coming Soon: Grayscale Submits a Hot Application

Digital asset investment giant Grayscale Investments has filed an updated S-1 filing for its Spot Solana ETF with the U.S. Securities and Exchange Commission (SEC). The filing states that the ETF's management fee is set at 0.35%. The new document lists the fund's full name as Grayscale Solana Trust (SOL). It was also stated that following SEC approval and the commencement of trading on the stock exchange, the fund will be renamed “Grayscale Solana Trust ETF” and will be listed on the NYSE Arca under the symbol “GSOL.” The fund aims to provide investors with a low-cost and easy access to SOL price movements by directly holding Solana (SOL) assets. Grayscale aims to provide investors with exposure to Solana without having to purchase or store cryptocurrencies directly. Related News: BREAKING: Major Development for the Cryptocurrency World - Coinbase and Mastercard May Sign a $2 Billion Deal The fund's management structure includes Grayscale Investments Sponsors as sole sponsor, The Bank of New York Mellon as transfer agent and administrative officer. The fund's custodian services are handled by Coinbase Custody Trust Company. Grayscale's Spot Solana ETF is considered the next phase of its GSOL product, currently traded on the OTCQX. Following SEC approval, the fund's listing on NYSE Arca will significantly expand access for institutional and individual investors. The filing also noted that the ETF will initially accept only cash-based transactions (cash creation/redemption), but that plans are underway to obtain the necessary regulatory approvals for in-kind transactions (creating and redeeming directly with SOL) in the future. Grayscale stated that the ETF's investment objective is to mirror the Solana price one-to-one, and that the fund will not use leverage or derivatives. *This is not investment advice. Continue Reading: Solana Spot ETF May Be Coming Soon: Grayscale Submits a Hot Application