Solana Crypto Trust Seeks Spot on NYSE Arca
Published Date: 5/19/2025
Notice
Summary
The SEC is deciding whether to let NYSE Arca list and trade shares of the Grayscale Solana Trust, a new commodity-based investment. This affects investors interested in Solana cryptocurrency through a regulated exchange. The decision will be made by May 13, 2025, and could open new ways to invest in digital assets.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Possible NYSE Arca Solana Listing
The SEC is deciding whether to allow NYSE Arca to list and trade shares of the Grayscale Solana Trust, with a decision date of May 13, 2025. If approved, investors would be able to buy and sell shares representing Solana (SOL) on a national securities exchange, which could open a regulated way to invest in the digital asset.
SEC Review Focuses on Investor Protection
The Commission is instituting proceedings to analyze whether the proposed listing is consistent with Section 6(b)(5) of the Securities Exchange Act, which requires exchange rules to prevent fraudulent and manipulative acts and to protect investors and the public interest. The SEC is seeking public comment on those investor-protection issues as part of its review.
Trust Backed Solely by SOL
The Grayscale Solana Trust's assets would consist solely of SOL, and the Shares are designed to reflect SOL's value based on the CoinDesk Solana Price Index (SLX) calculated at 4:00 p.m., New York time, on each business day; the Trust creates and redeems Shares in cash in blocks of 10,000 Shares. These features describe how the shares would track SOL and how share creation/redemption would occur.
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