Grayscale launches solana ETF, a day after Bitwise’s record-breaking ETF launch

Following the launch of the Bitwise Solana Staking ETF on Tuesday, Grayscale launched its solana Trust ETF this morning. The fund is trading on NYSE Arca under the ticker GSOL, and is the first of the firm’s staking funds to uplist (from a trust, launched in 2021) under the new generic listing standards the SEC approved last month.

More than 150 altcoin ETFs tracking 35 coins are soldiering through ways to list despite the government shutdown.

Craig Salm, Grayscale’s chief legal officer, told Sherwood News that, given the shutdown, Grayscale filed an amended S-1 for GSOL, removing the delaying amendment on the SEC’s issuance of guidance. This means the registration statement becomes automatically effective Tuesday afternoon, 20 days after that filing.

“The SEC may still request amendments or revisions once the government reopens and normal operations resume, but based on our engagement with the Commission on GSOL prior to the government shutdown, we’re confident in going to market,” he said.

As for the Bitwise solana ETF, it started off strong with high day 1 trading volume — “the MOST of any launch this year,” per Bloomberg Intelligence analyst Eric Balchunas.