Grayscale’s Solana ETF: A Name Change and No Staking? 😱

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In a move that would make even the most jaded of investors raise an eyebrow, the behemoth of investments, Grayscale, has decided to rename its Solana Trust to something equally as dull: Grayscale Solana Trust ETF. 🙄

One might wonder if the renaming is a mere ploy to distract from the more significant revelation: the exclusion of SOL staking. It seems investors in this proposed ETF will be bereft of the sweet rewards of staking. A cruel twist of fate, indeed. 😢

“In a display of regulatory somersaults, NYSE Arca has filed an application with the SEC, hoping to list the Shares of Grayscale Solana Trust (SOL) on its esteemed exchange. Alas, the SEC remains silent, neither approving nor rejecting the application, but acknowledging it with a nod that could be interpreted as anything from enthusiasm to indifference.”

The Trust, in its infinite wisdom, has decided not to proceed until the SEC bestows its blessing. One can only hope the SEC is not as indecisive as the rest of us when choosing what to have for breakfast.”

And so, the 19b-4 application hangs in the balance, a symbol of regulatory limbo. 🕒

As for the exclusion of SOL staking, it appears that Grayscale has decided to take a page from other spot SOL exchange-traded products: why offer rewards when you can simply not offer them? 🤷‍♂️

“The Trust, the Sponsor, the Custodian, and all associated persons shall refrain from engaging in Staking. It is as if they have taken an oath of poverty, vowing never to touch the golden apples of SOL rewards. And who knows if they shall ever be allowed to partake in such forbidden fruit?”

In the midst of this turmoil, SOL soldiers on, currently worth $119, up 4.5% on the day. A small victory amidst a sea of uncertainty. 📈

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2025-04-04 21:41