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.
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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Department and Agencies
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Previous / Next Documents
Previous: 2025-15733, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To List and Trade Shares of Bitwise Solana ETF Under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares
The SEC is taking more time to decide if the Bitwise Solana ETF can be listed and traded on the Cboe BZX Exchange. This affects investors interested in this new crypto-based fund and means the final decision is delayed, so no trading starts just yet. The extra review ensures everything’s safe and sound before money changes hands.
Next: 2025-15735, Self-Regulatory Organizations; Cboe C2 Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt a New Market Data Report
Cboe C2 Exchange is rolling out a new market data report to give traders better info on order and quote timings. This update affects Trading Permit Holders and kicks in right away, helping them track their trades more clearly without extra costs. The change aims to boost transparency and keep things running smoothly on the exchange.