Grayscale Files S-1 Form With SEC for Solana ETF Without SOL Staking Function

Funding big Grayscale is submitting to rename its potential Solana (SOL) exchange-traded fund (ETF) whereas eradicating staking from the belief.

In a brand new S-1 Submitting with the U.S. Securities and Change Fee (SEC), Grayscale says it intends to rename its beforehand filed belief, Grayscale Solana Belief, to Grayscale Solana Belief ETF.

“In reference to this registration assertion, on December 3, 2024, NYSE Arca filed an utility with the Securities and Change Fee (the ‘SEC’) pursuant to Rule 19b-4 underneath the Securities Change Act of 1934, as amended (the ‘Change Act’), to listing the Shares of Grayscale Solana Belief (SOL) (the ‘Belief’) on NYSE Arca (the ’19b-4 Utility’).

As of the date of this submitting, the 19b-4 Utility has not been accredited by the SEC. The Belief makes no illustration as to when or if such approval might be obtained. The Belief won’t search effectiveness of this registration assertion and no providing of Shares hereunder will happen except and till such approval is obtained.

This prospectus has been ready on the premise that the 19b-4 Utility has been accredited by the SEC.”

The 19b-4 utility has neither been accredited nor rejected by the SEC, but it surely has been acknowledged.

Other than the identify change, the opposite notable replace is the exclusion of SOL staking, which means traders within the proposed ETF won’t obtain staking rewards.

“As well as, and in widespread with different spot SOL exchange-traded merchandise presently, not one of the Belief, the Sponsor, the Custodian, nor another individual related to the Belief will, immediately or not directly, interact in Staking (as outlined herein), which means no motion might be taken pursuant to which any portion of the Belief’s SOL turns into topic to Solana proof-of-stake validation or is used to earn further SOL or generate revenue or different earnings, and there may be no assurance that the Belief, the Sponsor, the Custodian or another individual related to the Belief will ever be permitted to interact in such exercise sooner or later.”

SOL is value $119 at time of writing, up 4.5% on the day.

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