Grayscale Files S-1 to Convert $120M Solana Trust into ETF Amid Trump's Crypto-Friendly Push

Grayscale Investments has filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) to convert its $120 million Solana Trust into a spot Solana ETF, named Grayscale Solana Trust ETF. This move follows a previous 19b-4 filing with the New York Stock Exchange in December 2024. The proposed ETF will not include any Solana staking functionality. The filing comes at a time when Solana is trading near its yearly low of $112, amidst broader market turmoil triggered by global economic factors, including a steep drop in the S&P 500 due to President Trump's announcement of sweeping global tariffs. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io