Grayscale Advances Solana ETF Bid with S-1 Filing as Institutional Interest Deepens

In a week marked by market turmoil, risk appetite across asset classes has sharply declined. President Trump’s announcement of sweeping global tariffs triggered the steepest drop in the S&P 500 in four years, with crypto markets echoing the downturn. Solana, too, has felt the pressure, now hovering close to its yearly low of $112.

Yet despite the broader sell-off, institutional interest in Solana remains intact. On April 3rd, Grayscale 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 ETF.

SEC Signals Softer Stance Under New Leadership

Grayscale’s S-1 filing lands shortly after the SEC, under new leadership aligned with Trump’s crypto-friendly agenda, acknowledged its 19b-4 proposal—an action the previous administration had withheld.

Bloomberg analysts view this as a positive indicator, though formal approval is still pending, with a final deadline expected in October 2025.

Fidelity and Others Already in Line

Grayscale’s latest move comes amid growing competition among traditional finance giants. Over the past few months, major firms, including VanEck, 21Shares, Canary Funds, and most notably Fidelity, have filed for Solana ETFs. Fidelity, with over $5.9 trillion in discretionary assets, now stands as the largest asset manager pursuing a Solana-linked fund, signaling continued institutional conviction even in a risk-off environment.

As filings move forward and institutional backing holds steady, attention now turns to whether Solana ETFs—if approved—can attract meaningful inflows in an increasingly volatile macro landscape.

 

Read More on SolanaFloor

Swaps on Solana are getting fiercely competitive

Kamino Joins Solana Aggregator Race: Who’s Giving Solana DeFi’s Best Rates?