Investment giant Grayscale is filing to rename its prospective Solana (SOL) exchange-traded fund (ETF) while removing staking from the trust.
In a new S-1 Filing with the U.S. Securities and Exchange Commission (SEC), Grayscale says it intends to rename its previously filed trust, Grayscale Solana Trust, to Grayscale Solana Trust ETF.
[adinserter block="1"]“In connection with this registration statement, on December 3, 2024, NYSE Arca filed an application with the Securities and Exchange Commission (the ‘SEC’) pursuant to Rule 19b-4 under the Securities Exchange Act of 1934, as amended (the ‘Exchange Act’), to list the Shares of Grayscale Solana Trust (SOL) (the ‘Trust’) on NYSE Arca (the ’19b-4 Application’).
As of the date of this filing, the 19b-4 Application has not been approved by the SEC. The Trust makes no representation as to when or if such approval will be obtained. The Trust will not seek effectiveness of this registration statement and no offering of Shares hereunder will take place unless and until such approval is obtained.
This prospectus has been prepared on the basis that the 19b-4 Application has been approved by the SEC.”
The 19b-4 application has neither been approved nor rejected by the SEC, but it has been acknowledged.
Aside from the name change, the other notable update is the exclusion of SOL staking, meaning investors in the proposed ETF will not receive staking rewards.
“In addition, and in common with other spot SOL exchange-traded products at this time, none of the Trust, the Sponsor, the Custodian, nor any other person associated with the Trust will, directly or indirectly, engage in Staking (as defined herein), meaning no action will be taken pursuant to which any portion of the Trust’s SOL becomes subject to Solana proof-of-stake validation or is used to earn additional SOL or generate income or other earnings, and there can be no assurance that the Trust, the Sponsor, the Custodian or any other person associated with the Trust will ever be permitted to engage in such activity in the future.”
SOL is worth $119 at time of writing, up 4.5% on the day.
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