Grayscale Files S-1 to Convert $120M Solana Trust into ETF Amid Trump's Crypto-Friendly Push

Grayscale Investments has filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) to convert its $120 million Solana Trust into a spot Solana ETF, named Grayscale Solana Trust ETF. This move follows a previous 19b-4 filing with the New York Stock Exchange in December 2024.

The proposed ETF will not include any Solana staking functionality. The filing comes at a time when Solana is trading near its yearly low of $112, amidst broader market turmoil triggered by global economic factors, including a steep drop in the S&P 500 due to President Trump's announcement of sweeping global tariffs.

The SEC's acknowledgment of Grayscale's 19b-4 proposal under new leadership, aligned with Trump's crypto-friendly agenda, is viewed as a positive sign by Bloomberg analysts. However, formal approval for the ETF is still pending, with a final decision expected by October 2025.

Grayscale's filing adds to the growing competition among traditional finance giants for Solana ETFs. Other major firms, including VanEck, 21Shares, Canary Funds, and Fidelity, which manages over $5.9 trillion in discretionary assets, have also filed for Solana ETFs.

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