We advised Grayscale on launching one of the first publicly traded spot Solana ETFs in the United States

Davis Polk advised Grayscale Investments on the successful uplisting of Grayscale Solana Trust ETF, making it the first Grayscale product to uplist to an exchange-traded fund (ETF) under the new generic listing standards recently approved by the U.S. Securities and Exchange Commission. Supported by an institutional staking program, Grayscale Solana Trust ETF is one of the few investment vehicles offering exposure to Solana and its staking rewards through traditional securities brokerage and retirement accounts. Shares of the trust are listed on NYSE Arca under the ticker “GSOL.” The trust’s registration statement became automatically effective 20 calendar days after its filing following Grayscale’s removal of the Rule 473 delaying amendment.

Solana is a high-performance proof-of-stake blockchain recognized for its throughput and cost efficiency. With its differentiated software infrastructure, Solana can handle thousands of transactions per second, making it potentially suitable for a wide variety of modern applications. This scalability and efficiency position the Solana blockchain as a leading smart contract platform.

The Davis Polk capital markets team included partners Joseph A. Hall and Daniel P. Gibbons and associates Dylan H. Lojac, Marquis J. Pullen and Jean (Jean Young) Koo. The tax team included partners Patrick E. Sigmon and Lucy W. Farr and associate Seth Cole. Partner Zachary J. Zweihorn and associates Justin Levine and Boaz B. Goldwater provided financial institutions advice. Members of the Davis Polk team are based in the New York and Washington DC offices.

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