Retailers Can Now Trade Grayscale Solana Trust, SOL Price Up Over 2%

Grayscale Solana Trust has started trading publicly under the symbol GSOL, joining the 15 other crypto investment products the wealth management giant has to offer on the over-the-counter market.

All investors with access to U.S. securities can “buy and sell over-the-counter GSOL shares through their investment accounts,” Grayscale said. As of Friday, GSOL had 304,427 shares outstanding.

Grayscale’s goal is to fix GSOL with Solana so investors can access digital assets without owning them directly. SOL is up about 150% so far this year, but is still 75% below its $100 price a year ago. At the time of writing, SOL was trading at $24.9, up more than 2%.

Source: TradingView

This echoes the strategy Grayscale uses with its Bitcoin and Ether trusts (GBTC and ETHE, respectively). Accredited investors with BTC and ETH provide Grayscale with cryptocurrency in exchange for shares in the trust, while retail investors can purchase shares through the open market.

GSOL is open for private releases from November 2021. According to the website:

  • GSOL holds $2.9 million worth of SOL.
  • GBTC manages $19 billion in BTC.
  • ETHE has $6.3 billion in ETH.

However, GBTC and ETHE, two of Grayscale’s largest funds to date, are trading at a significant discount to the digital asset itself, angering some investors.

After GBTC’s premium turns negative in February 2021, you can get a discount of almost 37% on GBTC relative to Bitcoin held by the Grayscale Trust. ETHE trades at an even steeper discount of -46%.

The Solana Trust’s launch comes as Grayscale continues to fight the SEC in court over the agency’s refusal to convert it into a spot bitcoin ETF. Even so, Grayscale’s win over the SEC doesn’t guarantee approval for such an investment product.

board pass

According to Blockworks

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