Key dealers
- Grayscale submitted an S-1 with Sec to launch a spot solea ETF on NYSE Arca.
- Confidence will track Sol’s price with Coindesk Solana Price Index.
Gray scale has submitted Form S-1 with Sec to launch A spot soleana Etf.
It comes after nyse arca Sent to a 19B-4 application To Sec, suggest to convert Grayscale Solana Trust to a exchange -traded product. SEC formally recognized the submission on February 6.
S-1 is the formal registration declaration required to offer and trade shares in Grayscale’s proposed fund in accordance with the Securities Act. The submission, dated April 4, reveals the company to list ETF – uninterrupted Grayscale Solana Trust (Sol) – on NYSE Arca Exchange. Once approved, the confidence will change the name of Grayscale Solana Trust ETF.
The future ETF would keep Solana’s sun symbols and aims to track Sol’s price through Coindesk Solana Price Index (SLX). Coinbase will serve as the foremost broker and the guardian, while the Bank of New York Mellon will serve as a transfer agent and administrator.
The submission indicates that confidence will initially only accept cash orders for the creation and redemption of shares, which requires that authorized participants use liquidity suppliers to acquire or sell the underlying SoL. In-Kind creation and redemption can be added later, pending legislative approval.
Confidence will not participate in Solana efforts or handle any sun forks or drops. Gray scale charges a management fee, taken in SoL, at an unclear annual interest rate based on net asset value.
As of April 3, SOL had a market value of $ 59 billion and was the seventh largest digital asset after market value, with approximately 514 million coins in circulation and $ 4.7 billion in 24-hour trade volume, For coytecko.
