Solana News Today: Grayscale Files Amended S-1 for Solana Trust ETF Conversion

Grayscale has submitted an amended S-1 filing for its Solana Trust, furthering its effort to transition the product into an exchange-traded fund (ETF) format. The updated filing incorporates revised language around staking, reflecting broader industry and regulatory developments [1]. This move aligns Grayscale with other firms in the digital asset space, including Fidelity, 21Shares, Franklin Templeton, and Bitwise, which have also submitted revised S-1 filings for Solana-based ETPs with the U.S. Securities and Exchange Commission (SEC) [1].

The SEC has granted an extended deadline for Grayscale’s Solana Trust conversion application, now set for October 10, 2025 [2]. This provides additional time for the firm to comply with regulatory expectations and refine its proposal. Earlier in January 2025, Grayscale had submitted a 19b-4 rule filing, indicating a regulatory milestone that could signal progress toward eventual ETF approval [3].

Interest in Solana-based ETFs is increasing among institutional investors, driven by the blockchain’s high-performance capabilities and growing recognition as an alternative to more established chains like Bitcoin and Ethereum [4]. Firms such as 21Shares have also filed updated S-1 documents for spot Solana ETFs, underscoring the expanding appetite for regulated exposure to digital assets [4].

The Solana Trust operates similarly to Grayscale’s other single-asset trust products and is currently open to subscription by accredited investors [5]. This structure enables Grayscale to sustain market participation while working toward a potential transition to an ETF, which could offer a more liquid and accessible investment vehicle.

The approval of a Solana ETF would represent a significant development for both institutional and retail investors, potentially accelerating the integration of Solana into traditional financial markets [4]. The outcome of the application could also influence the broader perception and adoption of crypto assets, particularly as the SEC continues to shape its regulatory approach.

Multiple firms, including VanEck, Bitwise, and Canary Capital, are also pursuing Solana-based ETF proposals, highlighting a competitive and evolving landscape [4]. Despite the progress in filing submissions and regulatory updates, the timeline for final approval remains uncertain. However, the ongoing engagement between industry participants and regulators suggests a dynamic process is underway [1].

The push for Solana ETFs reflects a broader convergence of digital assets and traditional finance, with firms across the industry adapting to regulatory expectations and investor demand. As the SEC reviews these applications, the outcome will likely have lasting implications for the structure, accessibility, and legitimacy of digital asset investment vehicles.

Source:

[1] SEC.gov (https://www.sec.gov/files/ctf-written-letter-sec-07312025.pdf)

[2] AInvest (https://www.ainvest.com/news/solana-news-today-cboe-files-invesco-galaxy-solana-etf-regulatory-shifts-2507/)

[3] X (https://x.com/martypartymusic/status/1950940941277372606)

[4] AInvest (https://www.ainvest.com/news/solana-news-today-21shares-submits-revised-1-solana-etf-rising-institutional-interest-2507/)

[5] Barchart.com (https://www.barchart.com/story/news/33779052/grayscale-launches-grayscale-story-trust)