Grayscale Files New S-1 Document for Solana ETF, Seeks to Rename Its Solana Trust Product

Grayscale Investments has submitted a Solana ETF S-1 document to the SEC seeking to rename its investment product, Grayscale Solana Trust (GSOL).  The top crypto asset manager submitted an S-1 filing today, indicating plans to change the name of its Solana Trust product to 'Grayscale Solana Trust ETF.'  This development first appeared on our X channel, confirming that Grayscale has submitted a Solana ETF S-1 document.  https://twitter.com/thecryptobasic/status/1908155430963999178 This comes four months after NYSE Arca filed a 19b-4 application with the SEC to list GSOL shares. Although the SEC has acknowledged the application, it has not approved NYSE's request to list shares of Grayscale Solana Trust.  Grayscale Solana ETF S-1 Filing  Meanwhile, Grayscale has filed an S-1 document to rename its Solana Trust to Grayscale Solana Trust ETF. Grayscale's name change application is part of an effort to align the trust's identity with its planned ETF status.  If approved, Grayscale's Solana Trust ETF shares will trade on NYSE Arca under the ticker symbol GSOL. Notably, the trust's shares are currently quoted on the OTCQX market under the same GSOL ticker.  The proposed Solana ETF aims to expose investors to the performance of the SOL cryptocurrency. The shares only track the underlying asset's price. Hence, owning the shares does not give investors direct ownership of Solana.  Shares of Grayscale Solana Trust ETF will be created and redeemed in one or more blocks of 10,000 shares, with the shares issued to authorized participants. This issuance will leverage cash for settlements instead of actual SOL tokens.  No Staking Support  Meanwhile, Grayscale clarified that the ETF will not support staking functions. This indicates that investors will not receive additional returns from staking.  For context, the Grayscale Solana Trust is one of the largest investment products tied to SOL, the seventh-biggest cryptocurrency by market cap. GSOL is currently trading at $9.75 per share. The fund boasts total assets of $61.23 million, with an outstanding share of about 7.22 million.  Grayscale's latest Solana ETF update comes as SOL attempts to recover from the recent market downturn. The token's price has spiked 2.85% over the past 24 hours to $115.91. Despite this recovery, SOL is still down 10.91% over the past seven days.