Grayscale Applies to Turn Solana Trust into an ETF.

Grayscale has officially filed to convert its Solana Trust (GSOL) into an exchange-traded fund (ETF), joining the race to launch a Solana ETF. The filing, submitted to NYSE Arca on Tuesday, is part of the required process to inform the U.S. Securities and Exchange Commission (SEC) of a proposed rule change by the exchange.

With this move, Grayscale becomes the fifth asset manager to file for a Solana ETF, following Bitwise, VanEck, 21Shares, and Canary Capital, which made similar announcements earlier this year.

Launched in 2021, Grayscale’s Solana Trust currently holds $134 million in assets under management. The company has already successfully converted its Bitcoin and Ethereum trusts into ETFs, setting a precedent for this new venture with Solana.

Solana has experienced a significant surge this year, spurred by a broader market rally and heightened optimism following the November election of Donald Trump, which many believe will create a more favorable regulatory environment for cryptocurrencies. Following Grayscale’s filing, SOL saw a 3% uptick and is now up over 130% year-to-date.