Grayscale’s Solana Trust Goes Live on OTC Markets

Grayscale Investments, the most important digital foreign money asset supervisor, has launched the Grayscale Solana Belief (GSOL) on OTC Markets. The launch comes amid authorized wrangling with the SEC over the correct to market a Bitcoin ETF.

Grayscale Investments, the world’s largest digital foreign money asset supervisor, has introduced that the Grayscale Solana Belief (GSOL) has begun buying and selling on OTC Markets underneath the image $GSOL.

At the moment, the asset supervisor gives 16 digital foreign money funding merchandise quoted on OTC Markets. However regulators within the US haven’t given a inexperienced mild to all Grayscale merchandise.

The asset supervisor launched its Solana Belief in November 2021. In concept, it gives a chance for traders to place cash into Solana with out buying it personally. By proudly owning Solana, the worth of the Belief’s shares vacillates in tandem with the digital foreign money’s worth.

Whereas SOL is up round 150% 12 months thus far, its value remains to be 75% under its $100 value level a 12 months in the past. Total, SOL is down over 90% from its all-time excessive in June 2021.

As of April 14, 2023, there have been 304,427 shares excellent of GSOL. Shares created via the Belief’s personal placement change into eligible to promote into the general public market after a statutory one-year holding interval pursuant to Rule 144 of the Securities Act of 1933.

Grayscale Now Gives 16 Related Merchandise

The funding goal of the Belief is for the worth of the shares (primarily based on Solana per share) to replicate the worth of Solana held by the Belief. The value displays the CoinDesk Solana Price Index (SLX) at 4:00 p.m. New York time, minus the Belief’s bills and different liabilities.

Grayscale Investments’ different merchandise embody their DeFi Fund, which supplies publicity to a diversified basket of DeFi digital belongings, Grayscale Digital Giant Cap Fund, which gives publicity to the biggest and most liquid digital belongings, and Grayscale Sensible Contract Platform Ex-Ethereum Fund, which gives publicity to a choice of Sensible Contract Platforms.

With the launch of GSOL, the asset supervisor now makes obtainable a complete of 16 merchandise with public quotations. All traders with entry to U.S. securities will be capable to purchase and promote freely-tradable GSOL shares. A lot in the identical manner they commerce different securities.

The introduction of the Solana belief coincides with Grayscale’s ongoing authorized dispute with the Securities and Trade Fee (SEC). Grayscale sued the SEC when its request to show Grayscale Bitcoin Belief (GBTC) right into a Bitcoin ETF was declined.