Investment Giant Grayscale to Exchange Trade Fund (ETF) While Removing Points from Trust
In a new S-1 filing submitted to the U.S. Securities and Exchange Commission (SEC), Grayscale has indicated its intention to rename the trust fund it previously submitted for the Grayscale Solana Trust ETF.
“In relation to this registration statement dated December 3, 2024, the New York Stock Exchange ARCA has filed with the Securities and Exchange Commission (‘SEC’) under Rule 19b-4 of the Exchange Act, to list shares of the Grayscale Solana Trust (SOL) on the NYSE,” the filing states.
As of the date of this submission, the SEC has not yet approved the 19b-4 application. The trust makes no representations regarding when, or if, such approval will be obtained. The trust will not seek effectiveness of this registration statement unless and until such approval is obtained, and no shares will be issued under this agreement prior to such approval.
The prospectus is based on the SEC-approved 19b-4 application.
The 19b-4 application has not been approved or rejected by the SEC, though it has been acknowledged.
In addition to the name change, another notable update is the exclusion of SOL Staking, meaning that investors in the proposed ETF will not be able to earn staking rewards.
“Furthermore, similar to other on-site exchange products, no trust, sponsor, custodian, or any other person affiliated with the trust will directly or indirectly take any actions or make any efforts to prevent the earning of staking rewards, as defined herein, except in relation to any portion thereof, or to earn rewards through sales in the future will be permitted.”
At the time of writing, SOL was valued at $119, up 4.5% on the day.
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