Grayscale Solana ETF Could Bring SOL to NYSE—Without Staking

Grayscale Submits for Solana ETF Without Staking – What It Does for Investors. Grayscale Investments, the world's largest crypto asset manager, has officially submitted a filing to the U.S. SEC (securities and exchange commission) to convert its Grayscale Trust into a spot  (exchange-traded fund). If the SEC gives the green light, it will be called "Grayscale Solana Trust ETF" and will be available for trading on the NYSE Arca stock exchange.

Source: X (twitter)

This is a big step forward for Digital Currency (SOL) , which is currently one of the top cryptocurrencies out there. It will actually buy and hold real SOL tokens and track their price using something called the CoinDesk Price Index (SLX). This means regular people can invest in SOL through a trusted and regulated product—without needing to buy or store the crypto themselves.

Who's Involved?

Grayscale's filing indicates that a few of the largest names in finance will be involved in managing this exchange-traded fund. Coinbase will serve as the prime broker and custodian, holding the SOL tokens secure. The Bank of New York Mellon will be responsible for the task of transfer agent and administrator, ensuring everything goes according to plan behind the scenes.

No Staking Rewards

It is important to keep a note of that, Solana ETF will not incorporate staking. Generally, SOL token holders can stake those tokens to assist the network and get extra rewards. But this time, Grayscale’s investment fund will not allow this feature. Unlike SOL holders, Investors who purchase shares of the tgis investment fund will not get any rewards.

Others may view this as a negative, but it actually might expedite the approval of the fund. Adding staking would introduce additional legal and technical complexity. Avoiding it means Grayscale keeps the investment fund basic and potentially more appealing to U.S. regulators.

Increasing Demand of Solana ETF

The actions of Grayscale follow an evolving pattern of major financial institutions for the matter of SOL-based products. Fidelity also filed for a Solana ETF earlier this year, which showcases growing interest in the project from Wall Street. As Bitcoin ETFs have been trading since January 2024 and Ethereum, since July 2024, Solana ETF might be next.

Will It Get Approved?

Investors are optimistic. Based on Polymarket, the renowned prediction site, there is an 83% probability that the Solana ETF will be cleared at some point in 2025. The increase in optimism is caused by the fact that U.S. regulators, with new leadership, seem more lenient towards crypto investments when compared to the past.

Market Growth

The currency is operating well in the crypto industry. It is currently priced at $120.51, which is a 4.85% increase in the last 24 hours. The trading volume has also raised substantially, the numbers say, from $5 billion in January to $12.6 billion as of March 2025. The total market cap is estimated around $62 billion, making it one of the leading digital currencies of the crypto world.

What's Next?

Grayscale's filing may push SOL towards mass adoption. If the SEC grants approval to the Solana ETF, it will provide investors with a new and safer method of investing in this digital currency. Although the absence of staking might cap rewards, the step is still considered a huge victory for the ecosystem.