Grayscale debuts Solana staking ETF, as crypto firms push ahead despite government shutdown

Grayscale Investments launched the Grayscale Solana Trust ETF (GSOL) on NYSE Arca, making it one of the largest U.S. Solana ETP managers by assets under management. This launch follows Bitwise's debut of its Solana ETF the previous day, highlighting that crypto firms are proceeding with new product listings despite the U.S. government shutdown limiting the SEC's operational capacity.

The SEC, operating with a skeleton crew, had previously issued guidance allowing firms to file S-1 registration statements without a delaying amendment, enabling ETFs to go effective within 20 days. Furthermore, the SEC had approved new listing standards for three exchanges ahead of the shutdown, which could expedite the launch of numerous other crypto ETFs.

Grayscale's GSOL, which was converted from a closed-end vehicle launched in 2021, now offers investors exposure to Solana, the sixth-largest cryptocurrency, along with staking rewards. Proponents argue that staking through these products allows investors to help secure the network and earn rewards.

(Source：The Block)