Digital asset manager Grayscale registered with the United States Securities and Exchange Commission (SEC) to list the Grayscale Solana (SOL) Trust exchange-traded fund (ETF) on the New York Stock Exchange (NYSE).
The ETF will trade under the ticker symbol "GSOL" and will hold spot SOL as the underlying asset, according to the April 4 S-1 filing.
Grayscale announced plans to convert its existing Grayscale Solana Trust into an ETF in its 19b-4 application filed with the SEC in December 2024.
The filing is among several crypto ETF applications in the United States following a regulatory shift in Washington DC, and Solana is widely expected to be the next digital asset ETF approved by the SEC.
Grayscale Solana Trust ETF S-1 registration form. Source: SEC
Related: Grayscale files S-3 for Digital Large Cap ETF
Solana price slumps despite Trump’s attention
US President Donald Trump in March announced the inclusion of SOL in the country’s first crypto reserve, alongside Bitcoin (BTC), Ether (ETH), XRP (XRP), and Cardano's native token ADA (ADA).
Digital assets held in the reserve will be acquired through asset forfeiture and may not significantly contribute to demand for SOL or price appreciation.
"A US Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration" and include "made in America" cryptocurrencies, Trump wrote in a March 2 Truth Social post.
Following the announcement, SOL's price declined to multi-week lows and is down approximately 60% since its all-time high of $295 recorded in January 2025.
SOL's negative price performance reflects a broader downturn in the crypto markets brought on by fears of a prolonged trade war and the Trump administration's tariff policies.
SOL has preformed poorly amid trade war fears and a broader downturn in risk-on markets. Source: TradingView
Risk-on assets tend to suffer during trade wars as investors flee volatile asset classes for more stable alternatives such as cash and government bonds.
The approval of a Solana ETF could mitigate this price decline by giving traditional financial investors exposure to SOL and funneling capital from the stock market into the altcoin.
Fresh investment capital pouring into SOL may prop up prices during general market downturns, making the altcoin more resilient to price shocks than digital assets lacking traditional investment vehicles.
Magazine: Solana ‘will be a trillion-dollar asset’: Mert Mumtaz, X Hall of Flame