Leading crypto asset manager Grayscale has submitted an S-1 form to the SEC to turn its Solana Trust into an ETF. The proposed fund will track SOL tokens using the CoinDesk Solana Price Index. Bank of New York Mellon will be in charge of administration, and Coinbase will act as custodian and prime broker.
Staking benefits are not available to ETF investors, in contrast to direct SOL holders. Regulatory approval could be made simpler by this absence. A more crypto-friendly regulatory environment is reflected in the prediction markets' 83% confidence in a 2025 green light.
Solana's market performance is outstanding. The coin is trading at $116, up 2% in 24 hours, and has a market capitalization of $59.6B. Trading volume has risen from $5 billion in January to $12.6B in March 2025. The move follows Fidelity's similar program, which demonstrates increased interest in Solana-based products. If approved, the ETF will be listed on NYSE Arca as the Grayscale Solana Trust ETF.
As the crypto community waits for the SEC's ruling, Solana's potential for additional expansion has piqued market interest. The verdict might have a profound influence on Solana and the broader cryptocurrency market.
