Grayscale Files Solana ETF with SEC, Strong Signal of Massive Crypto Surge?

Updated

April 7, 2025

Gambar Grayscale Files Solana ETF with SEC, Strong Signal of Massive Crypto Surge?

Jakarta, Pintu News – Grayscale, a leading crypto asset manager, officially filed S-1 documents with the United States Securities and Exchange Commission (SEC) to launch a Solana-based Exchange-Traded Fund (ETF) product (SOL).

The filing is a strategic move that demonstrates the potential for the cryptocurrency market to mature amidst growing institutional interest.

Grayscale’s Strategic Move towards Solana ETFs

grayscale submits solana etf to sec — Source: SEC

Grayscale filed S-1 documents with the SEC on April 4, 2025 to launch the Solana spot ETF that will be listed on the NYSE Arca exchange.

The new ETF will have an initial name of “Grayscale Solana Trust” and will later be renamed “Grayscale Solana Trust ETF” upon full approval from the SEC.

The product will track SOL prices using the CoinDesk Solana Price Index (SLX), and will be directly backed by physically stored SOL tokens. Coinbase will act as the prime broker and custodian, while Bank of New York Mellon is appointed as the fund’s transfer agent and administrator.

ETF Features and Operational Model

In the initial phase, Grayscale’s Solana ETF will only accept cash purchases and sales. This means that authorized participants will have to use liquidity providers to buy or sell SOL tokens as the underlying asset of this ETF.

Interestingly, this trust will not be involved in SOL staking activities or managing airdrops and hard forks that may occur on the Solana network.

In addition, Grayscale will charge a management fee in the form of SOL, but the amount has not been officially announced.

Industry Support and Increased Competition

Grayscale’s move comes shortly after Fidelity, another mutual fund giant, also filed for a crypto-based ETF product.

Some big players like VanEck are also awaiting approval of other altcoin ETFs, suggesting that competition in the cryptocurrency ETF sector is intensifying.

Solana , along with other big altcoins such as XRP and Dogecoin , is predicted to have a great chance of getting its own ETF product in the near future.

According to predictions from prediction markets such as Polymarket, the likelihood of a Solana ETF being approved by 2025 is very high.

The Impact of Grayscale’s Legal Victory on ETF Regulation

Grayscale’s legal victory over the SEC in August 2023 was an important turning point in the industry.

The court decision in favor of Grayscale forced the SEC to pave the way for a spot Bitcoin ETF, which was officially launched in early 2024.

Currently, Grayscale’s Bitcoin ETF (GBTC) has an asset value of nearly USD 16 billion, while the lower-fee version manages around USD 3.36 billion. This success strengthens Grayscale’s position as a pioneer in crypto asset-based ETF products.

Solana shines in the cryptocurrency market

solana price today — Source: Crypto Rank

With a market capitalization value of USD 59 billion or around Rp1,001 trillion as of 3 April 2025, Solana (SOL) is now ranked seventh on the list of the largest cryptocurrencies. SOL’s daily trading volume also reached USD 4.7 billion.

The current number of SOL coins in circulation stands at around 514 million units, signaling high interest and liquidity in the market. If this ETF is approved, SOL could get a large institutional funding stream that could potentially push the price higher.

Overall, Grayscale’s Solana ETF filing marks a new era in crypto integration into traditional financial markets. If approved, this ETF would not only benefit institutional investors, but also bring more credibility to crypto assets like Solana.

The cryptocurrency world is getting closer to full legitimization in the eyes of regulators and traditional market participants.

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