Grayscale, a digital asset management firm, has filed with the United States Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) for the Grayscale Solana (SOL) Trust on the New York Stock Exchange (NYSE).
This ETF will trade under the ticker symbol “GSOL” and will consist of spot SOL as its foundational asset, as detailed in the S-1 filing dated April 4.
The firm revealed intentions to transition its existing Grayscale Solana Trust into an ETF in its application submitted to the SEC in December 2024.
This filing is part of a wave of cryptocurrency ETF applications in the U.S., following a change in regulatory attitudes in Washington, D.C., and Solana is broadly anticipated to be the next digital asset ETF that garners SEC approval.
Grayscale Solana Trust ETF S-1 registration form.
Related: Grayscale submits application for Digital Large Cap ETF
Solana’s price drops despite Trump’s spotlight
In March, former U.S. President Donald Trump announced that SOL would be part of the country’s inaugural crypto reserve, along with Bitcoin (BTC), Ether (ETH), XRP, and Cardano’s ADA token.
Assets included in this reserve will be acquired through asset forfeiture and are not expected to notably influence demand for SOL or its price growth.
Trump stated that “a U.S. crypto reserve will elevate this vital industry after years of unjust attacks by the Biden Administration,” asserting that it would incorporate “made in America” cryptocurrencies in a March 2 post on Truth Social.
However, following this announcement, the price of SOL fell, hitting multi-week lows, and it has declined roughly 60% from its all-time high of $295 reached in January 2025.
This downturn in SOL’s price mirrors a larger decline across the crypto market, driven by anxieties over a prolonged trade conflict and the tariff policies of the Trump administration.
SOL has performed poorly amid trade war concerns and a wider slump in risk-on markets.
During trade wars, risk-sensitive assets typically suffer as investors seek shelter in more stable alternatives like cash and government bonds.
The potential approval of a Solana ETF could alleviate this price drop by providing traditional investors access to SOL and directing capital from the stock market into this altcoin.
An influx of new investments into SOL may help stabilize prices during widespread market downturns, making this altcoin more resistant to sudden price fluctuations compared to those without traditional investment avenues.
Magazine: Solana ‘will be a trillion-dollar asset’: Mert Mumtaz, X Hall of Flame