- Grayscale makes Solana available for trading under the ticker symbol GSOL.
- It is reported that GSOL is not registered with the US Securities and Exchange Commission.
Asset management giant Grayscale has officially added Solana to its 15 other crypto investment products being offered on OTC markets. According to reports, Solana Trust would trade under the ticker symbol GSOL. As stated in the press release, the Investment objective of the shares is to ensure that the value of the shares (based on SOL per share) reflects the value of Solana held in the Trust. It is also stated that the value of the Trust is determined by reference to the CoinDesk Solana Price Index (SLX) at 4:00 p.m. (New York time.).
The Trust is designed to track the CoinDesk SLX Index. The Trust will not generate any income and regularly distributes SOL to pay for its ongoing expenses. Therefore, the amount of SOL represented by each respective Share gradually decreases over time.
Grayscale confirms that Solana Trust is not registered with the US Securities and Exchange Commission. This means it is not subjected to disclosures and other demands as captured in the Securities Exchange Act of 1934. However, it is subjected to the OTC Markets’ Alternative Reporting Standards.
This newly-trading product means that Grayscale now offers investors a total of 16 products with public quotations. Grayscale® Basic Attention Token Trust (OTCQB: GBAT), Grayscale® Bitcoin Trust (OTCQX: GBTC), Grayscale® Bitcoin Cash Trust (OTCQX: BCHG), Grayscale® Chainlink Trust (OTCQB: GLNK), Grayscale® Decentraland Trust (OTCQX: MANA), Grayscale® Ethereum Trust (OTCQX), etc.
The Solana Trust would be available for institutional and accredited individual investors. Grayscale also sponsors single-asset Investment products in addition to Solana Trust, providing exposure to Ethereum Classic (ETC), Filecoin (FIL), Horizen (ZEN), Litecoin (LTC), Livepeer (LPT), Stellar Lumens (XLM), and Zcash (ZEC).
Solana was opened to private placement
At the time of press, Grayscale’s diversified products include Grayscale DeFi Fund, Grayscale Digital Large Cap Fund, and Grayscale Smart Contract Platform Ex-Ethereum Fund. Since the Trust does not operate a redemption program, there is no guarantee that the value of shares would approximate the value of Solana held by the Trust.
GSOL had been open to private placement since November 2021. According to reports, Solana Trust has $2.9 million in SOL. ETHE also has $6.3 billion in ETH, and the GBTC also boasts $19 billion in BTC. Regardless, both GBTC and ETHE are trading below the digital assets themselves. This has angered investors with Valkyrie CEO Steven McClurg proposing Valkyrie take over Grayscale. According to him, his company was approached by GBTC shareholders.
We actually got approached by [GBTC] shareholders to say, ‘Hey, what would it look like if we just tried?… And, as we were talking to other activists and other shareholders, they said, ‘Well, what would it look like if we all voted to have a change of control?
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The current sentiment of SOL is bullish and has surged by 11 percent in the last seven days according to data. The asset is also up by 16 percent in the last 30 days, trading at $25.00. Analysts expect that the price could hit $45 by the close of the year.
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