Grayscale Files for Solana Spot ETF: Is BlackRock Next?

Grayscale, a leading crypto asset manager, has officially joined the race to launch a Solana spot exchange-traded fund (ETF) in the U.S., filing with the Securities and Exchange Commission (SEC) to convert its Grayscale Solana Trust ($GSOL) into an ETF. The move adds Grayscale to a growing list of asset managers, including VanEck, 21Shares, and Canary Funds, who have previously submitted applications for Solana spot ETFs. Grayscale currently manages $120 million in assets under its Solana Trust.

FOMO Among Institutions: Is BlackRock Next?

The filing marks another step in the broader industry trend, where competition among issuers has intensified following the SEC's historic approval of Bitcoin and Ethereum futures-based ETFs. The filing raises speculation about whether BlackRock will enter the race despite earlier statements indicating no immediate plans for additional crypto ETFs. Institutional FOMO, a pattern seen during Bitcoin and Ethereum ETF filings, could influence BlackRock's decision.

Grayscale has been a trailblazer in the digital asset management space, offering crypto-focused exchange-traded products (ETPs) long before the advent of spot ETFs. Its decision to file for a Solana ETF follows reports from Fox Business that the SEC has started engaging with Solana spot ETF issuers. This marks a significant shift in regulatory engagement, with filings expected soon from exchanges working with VanEck, 21Shares, and Canary Funds.

Pro-Crypto SEC Leadership Could Shift Dynamics

Adding to the dynamic is the U.S. political landscape. On December 2nd, reports emerged that President-elect Donald Trump plans to appoint pro-crypto advocate Paul Atkins as the new SEC chair.

 However, CoinDesk has reported that Atkins is hesitant to accept the role. If Atkins assumes the position, his leadership could pave the way for a friendlier regulatory environment, potentially resolving concerns about Solana being classified as a security—one of the major hurdles for ETF approval.

With more issuers entering the fray, the approval of a Solana spot ETF seems increasingly probable. Analysts anticipate a decision by late 2025.