Grayscale Solana Trust Seeks NYSE Arca Trading Spot
Published Date: 8/19/2025
Notice
Summary
NYSE Arca wants to list and trade shares of the Grayscale Solana Trust, a new way for investors to buy into Solana through the stock market. The SEC is reviewing this updated plan, which could open up fresh investment options soon. If approved, this move could shake up how people invest in cryptocurrency-related products on big exchanges.
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Analyzed Economic Effects
5 provisions identified: 3 benefits, 1 costs, 1 mixed.
Sponsor fee currently 2.5% (to be lowered)
The Trust currently charges a Sponsor's Fee that accrues daily at an annual rate of 2.5% of the NAV Fee Basis Amount; the filing states this fee "will be lowered in connection with the Trust becoming an ETP."
Solana exposure on a national exchange
The Exchange proposes to list and trade shares of the Grayscale Solana Trust under the ticker GSOL on NYSE Arca, which would let investors buy Solana exposure on a regulated national securities exchange. The Trust had about $134.2 million in assets under management as of November 22, 2024 and is held in more than a quarter of a million U.S. investor accounts.
Staking may add rewards but adds slashing risk
The Sponsor may stake a portion of the Trust's SOL and the Trust would receive staking rewards of SOL tokens, which may be treated as income to the Trust. The Sponsor states it will not bear or subsidize the risk of slashing, so any staking penalties could reduce Trust assets.
Custody and security procedures for Trust SOL
The Trust's custodian (Coinbase Custody Trust Company) will generate keys in offline ceremonies, split private keys into encrypted geographic "shards," use cold storage, and require multiple safeguards (usernames, passwords, 2-step verification) to transfer SOL. These procedures are intended to reduce single points of failure and secure the Trust's SOL.
Restricted GSOL shares remain subject to placement limits
The filing states that freely tradable shares of GSOL will remain freely tradable on the date of any listing, while restricted shares will remain subject to private placement restrictions until they become freely tradable.
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