Grayscale filed a request with the SEC to list the Solana ETF on the NYSE.

Grayscale, a digital asset management company, has officially submitted a subscription to the Securities and Exchange Commission of the United States (SEC) to list the Grayscale Solana Trust ETF on the New York Stock Exchange (NYSE).

According to the S-1 filing submitted on April 4, this ETF will trade under the ticker “GSOL” and hold Solana (SOL) directly as its underlying asset.

Earlier, in December 2024, Grayscale submitted a 19b-4 application to convert the current Grayscale Solana Trust into an ETF.

This is one of the many cryptocurrency ETF applications currently under review in the United States after the White House signaled a shift in policy stance, amid investor expectations that Solana will become the next digital asset approved by the SEC in the form of an ETF.

Solana price drops sharply despite support from Trump

In March, President Donald Trump announced the inclusion of SOL in the first national cryptocurrency reserve of the United States, along with Bitcoin (BTC), Ether (ETH), XRP, and ADA.

According to the plan, the digital assets in this reserve will be acquired through the asset seizure mechanism, which may not create real demand or significantly impact the price of SOL.

“U.S. crypto reserves will boost this key industry after years of corrupt attacks by the Biden administration,” Trump wrote on Truth Social on March 2, noting the reserve will include ‘made-in-American’ cryptocurrencies.

However, immediately after the announcement, the price of SOL dropped to a low not seen in weeks and has currently lost about 60% of its value compared to the historic peak of 295 USD recorded in January 2025.

The downward slide of SOL reflects the general downtrend in the cryptocurrency market, stemming from concerns about a prolonged trade war and the tough tariff policies of the Trump administration.

Solana ETF could be a lifeline for SOL price

In the context of the trade war, high-risk assets often come under pressure as investors pull capital from volatile channels to seek more stable assets such as cash and government bonds.

The approval of the Solana ETF could help alleviate the current price pressure by facilitating access for traditional investors to SOL, thereby attracting capital flows from the stock market into this altcoin.

The new capital flowing into SOL can support prices during the overall market downturn, helping this altcoin become more stable against price shocks – something that many other digital assets lack when traditional investment tools like ETFs are absent.

Disclaimer*: This article is for informational purposes only and is not investment advice. Investors should do thorough research before making any decisions. We are not responsible for your investment decisions*

• Ethereum has reclaimed the number 1 position as the leading DEX chain since September, surpassing Solana.
• The Solana Policy Institute will lobby for SOL in the US
• Solana (SOL) is recovering slowly near the resistance level as Ethereum increases DEX volume.

Thạch Sanh

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