- Solana’s fast transaction speeds and low fees have made it an appealing alternative to Bitcoin and Ethereum.
- This move reflects Grayscale’s intent to convert its existing Solana Trust into a fully-fledged ETF.
Grayscale filed to list a Solana exchange-traded fund on the New York Stock Exchange. Despite recent headwinds in the broader crypto market and a price slump in SOL, the digital asset manager is moving forward, joining a growing list of firms aiming to launch ETFs for the popular altcoin.
Grayscale registered the “Grayscale Solana Trust” with the U.S. Securities and Exchange Commission (SEC) on April 4. According to the regulatory filing, the planned ETF, which would trade under the ticker “GSOL,” aims to hold SOL tokens directly, offering investors exposure to the digital asset through traditional financial markets.
This move builds on a 19b-4 filing submitted in December 2024, in which Grayscale proposed converting its existing Solana Trust into a fully-fledged ETF. Other asset managers, including Canary Capital, Franklin Templeton, and VanEck, have also submitted Solana ETF applications, signaling rising institutional interest despite regulatory uncertainty.
Solana’s growing appeal among fund managers reflects broader market trends following the SEC’s shift toward accommodating spot crypto ETFs. While Bitcoin and Ethereum have dominated headlines, Solana’s lower fees and fast transaction speeds have positioned it as a strong candidate for the next wave of crypto ETFs.
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ETF Plans Advance Amid Regulatory Shift
In March, President Donald Trump announced that Solana would join Bitcoin, Ethereum, XRP, and Cardano in the newly proposed U.S. Crypto Reserve. These assets, acquired through government forfeitures, are intended to form the foundation of a state-backed digital asset reserve.
However, the symbolic endorsement failed to lift Solana’s price. Since peaking at $295 in January 2025, SOL has dropped nearly 60%, hitting multi-week lows. The downturn mirrors broader weakness in crypto markets, driven by growing concerns over U.S. trade policy and investor rotation into safer assets.
While Trump’s announcement generated headlines, regulatory progress may have more concrete effects on Solana’s price. An approved ETF could unlock new streams of investment from institutional and retail investors alike, helping to stabilize the token during turbulent periods.
The timing of Grayscale’s filing aligns with growing interest in alternatives to Bitcoin. Solana’s appeal has expanded beyond NFTs and DeFi platforms to mainstream financial products. Even fintech firms like PayPal recently announced support for Solana in their crypto offerings.
