NYSE Arca Files for Grayscale Investments' Spot Solana ETF

NYSE Arca, the exchange-traded product platform of the New York Stock Exchange, has filed a form on behalf of Grayscale Investments for a spot Solana ETF.

The Chicago-based NYSE subsidiary submitted a 19b-4 form on Tuesday for the Grayscale Solana Trust. A 19b-4 filing is a request to the U.S. Securities and Exchange Commission (SEC) for approval of a rule change. If approved, Coinbase Custody Trust Company, LLC will serve as the custodian, while BNY Mellon Asset Servicing will act as the administrator.

Several firms have been competing for a spot Solana ETF over the past year, including 21Shares, VanEck, Bitwise Asset Management, and Canary Capital.

Crypto market analysts have noted that the election of Donald Trump as U.S. president and SEC Chair Gary Gensler's resignation have created a sense of optimism within the industry regarding the potential approval of a Solana ETF in the new year.

Earlier this year, Grayscale was among several firms permitted to trade spot bitcoin ETFs. The SEC subsequently approved spot Ethereum ETFs, including Grayscale's ether-based product.

These approvals followed a ruling in August 2023, where judges mandated the SEC to re-evaluate Grayscale's spot bitcoin ETF proposal, labeling the agency's denial of Grayscale's application as "arbitrary and capricious." Grayscale originally filed the lawsuit against the SEC in 2022 after its proposal to convert its flagship fund, GBTC, into a spot bitcoin ETF was rejected.