Grayscale has launched the Solana ETF by submitting Form S-1 to the SEC.
This is after NYSE Arca submitted an application for the 19B-4 to the SEC and proposed converting the Grayscale Solana Trust into an exchange-traded product. The SEC officially approved the application on February 6th.
S-1 is the formal registration statement necessary to provide and trade shares in Grayscale’s proposed fund under the Securities Act. The April 4th filing reveals that the company plans to list the ETF (Initivivivisivisivisivisivisivisivitivitivitivitive Grayscale Solana Trust (SOL)) on NYSE Arca Exchange. Once approved, the trust will be renamed the Grayscale Solana Trust ETF.
Future ETFs will retain Solana’s Sol Tokens and aim to track Sol prices through the Coindesk Solana Price Index (SLX). Coinbase acts as a prime broker and custodian, while Bank of New York acts as a transfer agent and administrator.
This submission indicates that the trust will initially accept only cash orders for stock creation and redemption, and requires licensed participants to acquire or sell the underlying SOL using a liquidity provider. Regulatory approval can be withheld and added in-kind creations and reimbursements at a later date.
The Trust does not staking or dealing with Solana’s forks or airdrops. Grayscale charges management fees at unpublished annual fees taken with Sol based on its net asset value.
As of April 3, Sol had a market value of $59 billion, the seventh largest digital asset by market capitalization, with approximately 514 million coins per Coingecko and 24-hour trading volume of $4.7 billion.
