Grayscale Solana ETF Sees Net Asset Surge Amid NYSE Arca Uplisting
Ticker: GSOL · Form: 10-Q · Filed: Nov 25, 2025 · CIK: 1896677
Sentiment: bullish
Topics: Cryptocurrency ETF, Solana, SEC Filing, NYSE Arca, Asset Growth, Digital Assets, Investment Fund
Related Tickers: GSOL, SOL-USD, GBTC, ETHE
TL;DR
**GSOL's NYSE Arca uplisting and new redemption program are game-changers, making it a more liquid and attractive play for Solana exposure.**
AI Summary
Grayscale Solana Trust ETF (GSOL) reported a significant increase in net assets from operations, reaching $26.324 million for the three months ended September 30, 2025, a substantial rise from $4.512 million in the same period of 2024. For the nine months ended September 30, 2025, net assets from operations were $5.874 million, a decrease from $12.673 million in 2024. The Trust's investment in Solana (SOL) at fair value increased to $109.723 million as of September 30, 2025, up from $102.631 million at December 31, 2024. This growth was primarily driven by a net change in unrealized appreciation on investment in SOL of $26.752 million for the three months ended September 30, 2025. The Trust successfully uplisted its shares to NYSE Arca on October 29, 2025, under the ticker GSOL, and commenced a redemption program on October 28, 2025. The Sponsor's Fee, a related party expense, increased to $635 thousand for the three months ended September 30, 2025, from $454 thousand in the prior year, and to $1.716 million for the nine months ended September 30, 2025, from $1.119 million in 2024. The Trust also engaged Anchorage Digital Bank N.A. as an additional custodian for its Solana holdings on August 8, 2025.
Why It Matters
The uplisting of Grayscale Solana Trust ETF (GSOL) to NYSE Arca and the commencement of its redemption program on October 28, 2025, significantly enhance liquidity and accessibility for investors, potentially attracting a broader institutional and retail base. This move positions GSOL more competitively against other crypto-backed ETFs and traditional investment vehicles, offering a regulated avenue for Solana exposure. For employees, this signals growth and stability within the Grayscale ecosystem. Customers benefit from increased transparency and a more robust trading environment. The broader market gains another regulated crypto product, furthering the mainstream adoption of digital assets and potentially influencing other crypto trusts to pursue similar uplistings.
Risk Assessment
Risk Level: medium — The Trust's net assets are entirely dependent on the fair value of Solana (SOL), which is highly volatile, as evidenced by the $26.752 million net change in unrealized appreciation for the three months ended September 30, 2025, and the $7.150 million for the nine months ended September 30, 2025. While the uplisting to NYSE Arca and the new redemption program improve liquidity, the underlying asset's price fluctuations still pose a significant risk to investors.
Analyst Insight
Investors should consider GSOL as a more liquid and regulated option for Solana exposure following its NYSE Arca uplisting and the introduction of a redemption program. However, given the inherent volatility of SOL, investors should allocate capital cautiously and align with their risk tolerance, recognizing that the Trust's value is directly tied to the fluctuating price of Solana.
Key Numbers
- $109.723M — Investment in SOL, at fair value (Increased from $102.631 million at December 31, 2024, reflecting growth in asset value.)
- $26.324M — Net increase in net assets from operations (For the three months ended September 30, 2025, a significant increase from $4.512 million in the prior year.)
- $5.874M — Net increase in net assets from operations (For the nine months ended September 30, 2025, a decrease from $12.673 million in the prior year.)
- $26.752M — Net change in unrealized appreciation on investment in SOL (For the three months ended September 30, 2025, a primary driver of the increase in net assets.)
- 7,231,035 — Shares issued and outstanding (As of September 30, 2025, reflecting a slight increase from 7,160,335 at December 31, 2024.)
- $15.17 — Principal Market NAV per Share (As of September 30, 2025, an increase from $14.33 at December 31, 2024.)
- $635K — Sponsor's Fee (For the three months ended September 30, 2025, an increase from $454 thousand in the prior year.)
- $1.716M — Sponsor's Fee (For the nine months ended September 30, 2025, an increase from $1.119 million in the prior year.)
- 525,192.67 — Quantity of SOL held (As of September 30, 2025, a decrease from 529,873.89 at December 31, 2024, despite an increase in fair value.)
- October 29, 2025 — Uplisting Date (Date when GSOL shares began trading on NYSE Arca, enhancing market access.)
Key Players & Entities
- Grayscale Solana Trust ETF (company) — registrant and issuer of GSOL shares
- Grayscale Investments Sponsors, LLC (company) — sole remaining sponsor of the Trust since May 3, 2025
- NYSE Arca, Inc. (company) — exchange where GSOL shares began trading on October 29, 2025
- Securities and Exchange Commission (regulator) — approved proposed rule change for NYSE Arca listing
- Coinbase Custody Trust Company, LLC (company) — custodian of the Trust's SOL holdings
- Anchorage Digital Bank N.A. (company) — additional custodian for the Trust's SOL holdings since August 8, 2025
- Digital Currency Group, Inc. (company) — parent company of the Sponsor
- Grayscale Securities, LLC (company) — affiliate of the Sponsor and an Authorized Participant
- Continental Stock Transfer & Trust Company (company) — transfer agent for the Trust
- Solana (other) — underlying digital asset held by the Trust
FAQ
What were the key financial highlights for Grayscale Solana Trust ETF in Q3 2025?
For the three months ended September 30, 2025, Grayscale Solana Trust ETF reported a net increase in net assets from operations of $26.324 million, significantly up from $4.512 million in the same period of 2024. The fair value of its Solana investment reached $109.723 million, an increase from $102.631 million at December 31, 2024.
How has Grayscale Solana Trust ETF's trading status changed recently?
Grayscale Solana Trust ETF (GSOL) successfully uplisted its shares to NYSE Arca, Inc. on October 29, 2025, under the ticker symbol GSOL. This followed the SEC's approval of a proposed rule change on September 17, 2025, and the Sponsor's application approval on October 28, 2025.
What is the significance of the new redemption program for GSOL investors?
The commencement of the Trust's redemption program on October 28, 2025, in connection with the NYSE Arca uplisting, provides investors with a mechanism to redeem shares directly for Solana. This enhances liquidity and potentially helps to keep the share price closer to its underlying Net Asset Value (NAV).
Who are the key service providers for Grayscale Solana Trust ETF?
Grayscale Investments Sponsors, LLC is the sole remaining sponsor. Coinbase Custody Trust Company, LLC is the primary custodian, and Anchorage Digital Bank N.A. was added as an additional custodian on August 8, 2025. Continental Stock Transfer & Trust Company serves as the transfer agent.
What are the primary risks associated with investing in Grayscale Solana Trust ETF?
The primary risk is the high volatility of Solana (SOL), the Trust's sole underlying asset. The Trust's value is directly tied to SOL's market price, which can fluctuate significantly. Additionally, the Trust irrevocably abandons all Incidental Rights and IR Virtual Currency, meaning shareholders will not benefit from potential forks or airdrops.
How has the Sponsor's Fee impacted Grayscale Solana Trust ETF's financials?
The Sponsor's Fee, a related party expense, increased to $635 thousand for the three months ended September 30, 2025, from $454 thousand in the prior year. For the nine months ended September 30, 2025, it rose to $1.716 million from $1.119 million in 2024, contributing to the net investment loss.
What is the investment objective of Grayscale Solana Trust ETF?
The Trust's investment objective is for the value of the Shares (based on SOL per Share) to reflect the value of the SOL held by the Trust, less the Trust's expenses and other liabilities. It aims to provide investors with exposure to Solana without directly holding the cryptocurrency.
Did Grayscale Solana Trust ETF issue new shares in Q3 2025?
For the three months ended September 30, 2025, Grayscale Solana Trust ETF did not issue any new shares. However, for the nine months ended September 30, 2025, 70,700 shares were issued, contributing $1.218 million to net assets from capital share transactions.
What is the current number of outstanding shares for Grayscale Solana Trust ETF?
As of November 20, 2025, the number of shares outstanding for Grayscale Solana Trust ETF was 11,024,135. As of September 30, 2025, the shares issued and outstanding were 7,231,035.
What is the role of Grayscale Operating, LLC and Grayscale Investments, LLC in the Trust?
Grayscale Investments, LLC was the sponsor before January 1, 2025. Grayscale Operating, LLC (GSO) was a co-sponsor from January 1, 2025, to May 3, 2025. After May 3, 2025, Grayscale Investments Sponsors, LLC (GSIS) became the sole remaining sponsor, responsible for the Trust's day-to-day administration.
Filing Stats: 4,606 words · 18 min read · ~15 pages · Grade level 15.3 · Accepted 2025-11-25 16:55:26
Filing Documents
- sol-20250930.htm (10-Q) — 1153KB
- sol-ex31_1.htm (EX-31.1) — 28KB
- sol-ex31_2.htm (EX-31.2) — 28KB
- sol-ex32_1.htm (EX-32.1) — 10KB
- sol-ex32_2.htm (EX-32.2) — 10KB
- img7586372_0.jpg (GRAPHIC) — 1217KB
- img7586372_1.jpg (GRAPHIC) — 696KB
- img7586372_2.jpg (GRAPHIC) — 640KB
- 0001193125-25-297537.txt ( ) — 10051KB
- sol-20250930.xsd (EX-101.SCH) — 355KB
- sol-20250930_htm.xml (XML) — 585KB
Forward-Looking Statements
Forward-Looking Statements 3 Industry and Market Data 3
– FINANCIAL INFORMATION
PART I – FINANCIAL INFORMATION Item 1.
Financial Statements (Unaudited)
Financial Statements (Unaudited) 4 4 Schedules of Investment at September 30, 2025 and December 31, 2024 5 6 7 Notes to the Unaudited Financial Statements 8 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 25 Item 4.
Controls and Procedures
Controls and Procedures 25
– OTHER INFORMATION
PART II – OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 26 Item 1A.
Risk Factors
Risk Factors 27 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27 Item 3. Defaults Upon Senior Securities 27 Item 4. Mine Safety Disclosures 27 Item 5. Other Information 27 Item 6. Exhibits 28 GLOSSARY OF DEFINED TERMS 29
SIGNATURES
SIGNATURES 34 2 Forw ard-Looking Statements This Quarterly Report on Form 10-Q contains "forward-looking statements" with respect to the financial conditions, results of operations, plans, objectives, future performance and business of Grayscale Solana Trust ETF (the "Trust"). Statements preceded by, followed by or that include words such as "may," "might," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," or "continue," the negative of these terms and other similar expressions are intended to identify some of the forward-looking statements. All statements (other than statements of historical fact) included in this Quarterly Report that address activities, events or developments that will or may occur in the future, including such matters as changes in market prices and conditions, the Trust's operations, the plans of Grayscale Operating, LLC ("GSO"), the co-sponsor of the Trust from January 1, 2025 to May 3, 2025, and Grayscale Investments Sponsors, LLC ("GSIS"), the co-sponsor of the Trust from January 1, 2025 to May 3, 2025 and the sole remaining sponsor thereafter (each of GSO and GSIS, the "Sponsor", as the context may require, and GSO and GSIS, together, the "Co-Sponsors"), and references to the Trust's future success and other similar matters are forward-looking statements. These statements are only predictions. Actual events or results may differ materially from such statements. These statements are based upon certain assumptions and analyses the Sponsor made based on its perception of historical trends, current conditions and expected future developments, as well as other factors appropriate in the circumstances. Whether or not actual results and developments will conform to the Sponsor's expectations and predictions, however, is subject to a number of risks and uncertainties, including, but not limited to, those described in "Risk Factors" of our Registration Statement on Form S-1, as amended (File No.
– FINANCI AL INFORMATION
PART I – FINANCI AL INFORMATION:
Financial St atements (Unaudited)
Item 1. Financial St atements (Unaudited) GRAYSCALE SOLANA TRUST ETF ( Amounts in thousands, except Share and per Share amounts) September 30, 2025 December 31, 2024 Assets: Investment in SOL, at fair value (cost $ 67,728 and $ 67,786 as of September 30, 2025 and December 31, 2024, respectively) $ 109,723 $ 102,631 Total assets $ 109,723 $ 102,631 Liabilities: Sponsor's Fee payable, related party $ - $ - Total liabilities - - Net assets $ 109,723 $ 102,631 Shares issued and outstanding, no par value ( unlimited Shares authorized) 7,231,035 7,160,335 Principal Market NAV per Share $ 15.17 $ 14.33 See accompanying notes to the unaudited financial statements. 4 GRAYSCALE SOLANA TRUST ETF SCHEDULES OF INVESTMENT (UNAUDITED) ( Amounts in thousands, except quantity of SOL and percentages) September 30, 2025 Quantity of SOL Cost Fair Value % of Net Assets Investment in SOL 525,192.67339269 $ 67,728 $ 109,723 100 % Total Investment $ 67,728 $ 109,723 100 % Net assets $ 109,723 100 % December 31, 2024 Quantity of SOL Cost Fair Value % of Net Assets Investment in SOL 529,873.89849530 $ 67,786 $ 102,631 100 % Total Investment $ 67,786 $ 102,631 100 % Net assets $ 102,631 100 % See accompanying notes to the unaudited financial statements. 5 GRAYSCALE SOLANA TRUST ETF ( Amounts in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Investment income: Investment income $ - $ - $ - $ - Expenses: Sponsor's Fee, related party 635 454 1,716 1,119 Net investment loss ( 635 ) ( 454 ) ( 1,716 ) ( 1,119 ) Net realized and unrealized gain from: Net realized gain on investment in SOL 207 72 440