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Grayscale has officially lodged a Form S-1 with the SEC marking a significant step toward launching a pioneering spot Solana ETF. This move follows the submission by NYSE Arca of a 19b-4 application seeking to transform the Grayscale Solana Trust into a tradable exchange product with the SEC’s formal recognition of this filing on February 6.
Detailed in the S-1 registration filed on April 4 the plan outlines Grayscale’s intent to list the ETF initially named Grayscale Solana Trust (SOL) on the NYSE Arca exchange. Upon approval the trust will be rebranded to Grayscale Solana Trust ETF aiming to mirror the performance of Solana’s SOL tokens through the CoinDesk Solana Price Index (SLX).
Enhancing the robustness of this ETF Coinbase is set to act as the prime broker and custodian with Bank of New York Mellon playing a crucial role as transfer agent and administrator. The trust plans to only accept cash for creating and redeeming shares at launch with possibilities of in-kind transactions in the future subject to regulatory nods thus setting a new benchmark in crypto-focused investment solutions.
