NYSE Arca files to list and trade Grayscale's spot Solana ETF

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

The Chicago-based NYSE subsidiary filed a 19b-4 form on Tuesday for the Grayscale Solana Trust. A 19b-4 filing is a form used to ask the U.S. Securities and Exchange Commission to approve a rule change. Coinbase Custody Trust Company, LLC is listed as the custodian and BNY Mellon Asset Servicing would be the administrator, if approved.

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

Crypto market watchers told  The Block  previously that the election of Donald Trump as U.S. president, coupled with SEC Chair Gary Gensler's resignation, has caused the industry to feel hopeful that a Solana ETF could be approved in the new year.

Grayscale became one of several firms  allowed  to trade spot bitcoin ETFs earlier this year. Later, the SEC also  approved  spot Ethereum ETFs, including Grayscale's ether-based product.

Both approvals came after judges  ruled  in August 2023 that the SEC had to re-review Grayscale's spot bitcoin ETF proposal, calling the agency's move to deny Grayscale's proposal "arbitrary and capricious."

Grayscale brought that case against the SEC in 2022 after the agency rejected its proposal to convert its flagship fund, GBTC, into a spot bitcoin ETF.