Grayscale has submitted a registration statement for its Grayscale Trust (GSOL), aiming to convert it into an exchange-traded fund (ETF) on NYSE Arca. This effort reflects Grayscale's strategy to expand investors' access to cryptocurrency products on Wall Street. Analysts believe Solana is well-positioned to receive regulatory approval given the SEC's more favorable stance and the existing regulated futures market for Solana in the U.S. However, the prospectus states that the Trust's SOL will not be staked, meaning no portion will be used for proof-of-stake validation or to earn additional SOL. This decision aligns with previous approaches seen in applications for Bitcoin and Ethereum ETFs, where staking language was also removed to address SEC concerns regarding potential securities classification of proof-of-stake networks. Grayscale’s move follows the SEC's recent review of other crypto ETF applications, highlighting an ongoing trend towards regulatory clarity for cryptocurrency investment vehicles.

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