Grayscale, a leading crypto asset management firm, has officially filed an
S-1 form with the U.S. Securities and Exchange Commission (SEC) to convert
its Solana Trust into an exchange-traded fund (ETF). However, one notable
aspect is that the ETF will not include any Solana staking.
Grayscale Pushes for Solana ETF
The company’s recent filing indicates that the ETF, initially named the
Grayscale Solana Trust (SOL), is set to be listed on the NYSE Arca exchange.
If approved, it will be renamed the Grayscale Solana Trust ETF.
The ETF will hold SOL tokens and track their price using the CoinDesk
Solana Price Index (SLX). Grayscale has confirmed that Coinbase will serve
as the primary broker and custodian, while Bank of New York Mellon will act
as the transfer agent and administrator.
However, this move comes on the heels of a similar filing by Fidelity
earlier this year, signaling growing interest in Solana-based investment
products.
No Staking for the Solana ETF
Unlike direct SOL holders who can stake their tokens to earn rewards,
Grayscale’s Solana ETF will not participate in staking. This means investors
buying shares in the ETF will not receive any staking benefits.
While some may view this as a drawback, it also reduces regulatory
complexity, potentially improving the ETF’s chances of approval.
Will the Solana ETF Be Approved in 2025?
Investor optimism surrounding the approval of a Solana ETF is growing, with
Polymarket predictions placing the chances at 83% by 2025. This shift is
largely due to regulators adopting a more crypto-friendly stance—especially
following changes in U.S. leadership.
Solana’s Market Outlook
As of now, Solana is trading around $116, reflecting a 2% gain in the past
24 hours, with a market cap nearing $59.6 billion. Solana has also expanded
significantly, with trading volume rising from $5 billion in January to
$12.6 billion in March 2025.
As anticipation for the SEC’s decision builds, all eyes are on Solana’s
next big move in the crypto market.
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