Grayscale Investments, the largest digital currency asset manager, has launched Grayscale Solana Trust (GSOL) in the OTC Markets. The launch comes amid legal wrangling with the SEC over the right to market the bitcoin ETF.
Grayscale Investments, the world’s largest digital currency asset manager, has announced that Grayscale Solana Trust (GSOL) has begun trading on the OTC market under the symbol $GSOL.
At this time, the asset manager offers 16 digital currency investment products that are priced on OTC markets. But US regulators haven’t given the green light to all Grayscale products.
The Solana Trust was launched by the asset manager in November 2021. In theory, it provides an opportunity for investors to put money into Solana without buying it in person. By owning Solana, the value of the Trust’s stock fluctuates along with the value of the digital currency.
While SOL is up nearly 150% year-to-date, its price is still 75% lower than its $100 price point a year ago. Overall, SOL is down more than 90% from its all-time high in June 2021.
As of April 14, 2023, there were 304,427 shares outstanding in GSOL. Shares created through private placement in the Trust become eligible for sale in the public market after a statutory period of one year pursuant to Section 144 of the Securities Exchange Act of 1933.
Grayscale now offers 16 similar products
The investment objective of the trust is the value of the shares (based on Solana per share) to reflect the value of Solana held by the trust. The price reflects the 4:00 PM New York time CoinDesk Solana (SLX) Price Index, minus Trust expenses and other liabilities.
Other products of Grayscale Investments include the DeFi Fund, which provides exposure to a diversified basket of DeFi digital assets, the Grayscale Digital Large Cap Fund, which provides exposure to the largest and most liquid digital assets, and the Grayscale smart contract platform’s Ethereum Fund, which offers a selection of Smart contract platforms.
With the launch of GSOL, the asset manager now makes a total of 16 products available with public quotes. All investors with access to US securities will be able to buy and sell freely tradable GSOL shares. In the same way they trade other securities.
The filing of the Solana Trust coincides with Grayscale’s ongoing legal dispute with the Securities and Exchange Commission (SEC). Grayscale sued the Securities and Exchange Commission (SEC) when its request to convert the Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF was denied.
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