Retail Investors Can Now Trade Grayscale Solana Trust

Trading as GSOL, the trust aims to directly track Solana

article-image

Vladimir Kazakov/Shutterstock modified by Blockworks

share

Grayscale’s Solana Trust has begun trading publicly under ticker symbol GSOL, joining the 15 other crypto investment products the asset management giant has to offer on OTC Markets.

All investors with access to US securities can “buy and sell freely-tradable GSOL Shares through their investment accounts,” Grayscale said. GSOL had 304,427 outstanding shares as of Friday, according to the press release

Grayscale’s objective is to have GSOL pegged to solana (SOL), so investors can gain exposure to the digital asset without owning it directly. SOL is up around 150% year to date but still 75% below its $100 price point one year ago.

This echoes the strategy Grayscale has used with its bitcoin and ether trusts — GBTC and ETHE, respectively. Accredited investors with bitcoin (BTC) and ether (ETH) give crypto to Grayscale in return for shares in the trusts, while retail investors can acquire the stock through public markets. 

GSOL had been open to private placement since Nov. 2021. Per its website disclosures:

  • The Solana trust has $2.9 million in SOL.
  • GBTC manages $19 billion BTC.
  • ETHE boasts $6.3 billion ETH.

Yet GBTC and ETHE, Grayscale’s two largest funds by far, are both trading far below the digital assets themselves, angering some investors

You can pick up GBTC for a nearly 37% discount relative to the bitcoin held inside Grayscale’s trust, after its long-running premium flipped negative in Feb. 2021. ETHE is trading at an even harsher markdown at minus 46%.

The launch of the Solana trust so alcomes as Grayscale continues to battle the SEC in court over its rejection of bitcoin spot ETFs. Blockworks previously reported that a Grayscale victory over the SEC doesn’t guarantee the approval of such investment products.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates.png

Research

Maple Finance has successfully navigated significant market challenges through its strategic pivot to secured lending (Maple v2) and the launch of its Syrup product. Syrup has become a primary growth driver, delivering sustainable, outperforming stablecoin yields and rapidly increasing TVL. The upcoming custody-first Bitcoin staking product (istBTC) presents another significant avenue for expansion. Crucially, Maple has achieved operational profitability, a key inflection point that, combined with a fully vested token and active buyback mechanism, strengthens its investment case. While valuation metrics suggest potential undervaluation relative to peers and growth, the primary forward-looking risk identified is the long-term sustainability of its current high-take-rate collateral staking revenue model.

article-image

In 2014, Microsoft virus scanners were detecting viruses in Bitcoin software

article-image

Ledn’s Mauricio Di Bartolomeo explained how this cycle’s been different for the lender

article-image

The shorts looking for funding range from charming animated series to gritty live-action dramas

article-image

Money, it turns out, is emergent, like consciousness

article-image

Bridge flows churn in both directions as risk appetite returns