#Spotetfapprovalupdates Solana Spot ETF May Be at the Door: Grayscale Made a Hot Application!

The launch of Solana spot ETFs, which are almost certainly expected to be approved, may be near.

Digital asset investment giant Grayscale Investments submitted the updated version of its amended S-1 application for the Spot Solana ETF to the U.S. Securities and Exchange Commission (SEC). The application stated that the management fee for the ETF has been set at 0.35%.

The full name of the fund is Grayscale Solana Trust (SOL) in the new document. It was stated that after SEC approval and the start of trading on the exchange, the fund's name would be changed to "Grayscale Solana Trust ETF" and it would be listed on NYSE Arca under the symbol "GSOL."

The fund's purpose is to provide investors with a low-cost and easy-access investment vehicle that directly holds Solana (SOL) assets, allowing them to gain exposure to SOL price movements. Grayscale aims for this fund to enable investors to gain exposure to Solana without having to buy or store cryptocurrency directly.

In the fund's management structure, Grayscale Investments Sponsors acts as the sole sponsor, while The Bank of New York Mellon serves as the transfer agent and administrative responsible party. The fund's custody services are conducted by Coinbase Custody Trust Company.

Grayscale's Spot Solana ETF is seen as the next step for the GSOL product currently trading on the OTCQX market. Following SEC approval, the fund will be listed on NYSE Arca, significantly increasing access for institutional and individual investors.

In the application, it was noted that the ETF will initially only accept cash-based transaction (cash creation/redemption), but in the future, it is planned to obtain the necessary regulatory approvals for "in-kind" transactions (creation and redemption directly with SOL). Grayscale stated that the investment objective of the ETF is to reflect the price of Solana on a one-to-one basis and that the fund will not use leverage or derivative products.
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