Grayscale is considering converting its existing Solana Trust (GSOL) into an exchange-traded fund, becoming the latest participant in the Solana ETF sweepstakes.
The 19b-4 filing filed by NYSE Arca, the exchange that lists the fund, was made Tuesday night. The Securities and Exchange Commission (SEC) requires exchanges to file such filings to notify the SEC of proposed rule changes by exchanges and other self-regulatory organizations (SROs).
Grayscale has now become the fifth asset manager to apply to launch a Solana ETF, following Bitwise, VanEck, 21Shares and newly formed Canary Capital, which announced plans earlier this year.
Grayscale has already successfully converted its flagship Ethereum and Bitcoin trusts into ETFs earlier this year. The firm launched closed-end Solana Trust as its 16th investment product in 2021 and currently manages $134 million in assets, according to a filing this evening.
Like many other cryptocurrency markets, Solana has seen a sharp rise this year, especially since the election of President Donald Trump in early November, who promised a more friendly regulatory environment for the industry.
SOL is up about 3% after tonight's earnings report and is up more than 130% year-to-date.
