# 2025-15734: Grayscale Solana Trust Seeks NYSE Arca Trading Spot

2025-15734, Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Amendment No. 2 to a Proposed Rule Change To List and Trade Shares of the Grayscale Solana Trust Under NYSE Arca Rule 8.201-E (Commodity-Based Trust Shares), is a Federal Register notice from Securities and Exchange Commission published 2025-08-19; PRIA reads it as touching household money (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-15734
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-15734
- Title: Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Amendment No. 2 to a Proposed Rule Change To List and Trade Shares of the Grayscale Solana Trust Under NYSE Arca Rule 8.201-E (Commodity-Based Trust Shares)
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 40409
- Published: 2025-08-19
- Effective: unknown
- Comments close: not stated
- Significant: no
- Touches household money: yes
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

Grayscale Solana Trust Seeks NYSE Arca Trading Spot

## 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.

## Effects PRIA read

- Solana exposure on a national exchange: benefit, medium. 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 he…
- Sponsor fee currently 2.5% (to be lowered): benefit, high. 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."
- Staking may add rewards but adds slashing risk: mixed, medium. 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: benefit, low. 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 red…
- Restricted GSOL shares remain subject to placement limits: cost, low. 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.

## Related documents

- [2026-20466](https://policyrisk.com/federal-register/2026-20466): Adviser and Regulated Fund Custody Rules; Crypto Custody Rules, 2026-10-06
- [2026-19260](https://policyrisk.com/federal-register/2026-19260): Rescission of Rule 14a-8's Federal Regulation of Shareholder Proposals and Amendments to Rule 14a-4, 2026-09-21
- [2026-18424](https://policyrisk.com/federal-register/2026-18424): Political Contributions by Certain Investment Advisers, 2026-09-10
- [2026-18190](https://policyrisk.com/federal-register/2026-18190): Transfer Agent Rules, 2026-09-04
- [2026-17183](https://policyrisk.com/federal-register/2026-17183): Regulation Crypto Assets, 2026-08-21
- [2026-12163](https://policyrisk.com/federal-register/2026-12163): The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS, 2026-06-17

## Sources
- [2025-15734 on federalregister.gov](https://www.federalregister.gov/documents/2025/08/19/2025-15734/self-regulatory-organizations-nyse-arca-inc-notice-of-filing-of-amendment-no-2-to-a-proposed-rule)
- [2025-15734 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-08-19/pdf/2025-15734.pdf)

## Related
- [Previous: 2025-15733, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Designation o…](https://policyrisk.com/federal-register/2025-15733)
- [Next: 2025-15735, Self-Regulatory Organizations; Cboe C2 Exchange, Inc.; Notice of Filing and Imm…](https://policyrisk.com/federal-register/2025-15735)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-15734 (as of 2026-06-08).