8-K: Grayscale Solana ETF Index Platform Update

Grayscale Solana Trust ETF's index provider removed itBit from its SOL reference rate due to unmet inclusion conditions.

Summary

• CoinDesk Indices, Inc., the Index Provider for Grayscale Solana Trust ETF, updated the digital asset trading platforms used to calculate the Index Price.
• Effective November 18, 2025, itBit (SOL-U.S. Dollar (USD) trading pair) was removed from the CoinDesk SOL CCIXber Reference Rate (the Index).
• The removal was due to itBit failing to meet the Index Provider's conditions for inclusion.
• No new Constituent Trading Platforms were added during the scheduled monthly review.
• Current SOL-USD trading pairs included in the Index Price are Bitfinex, Bitstamp by Robinhood, Bullish, Crypto.com, Gemini, Kraken, LMAX Digital, and OKX.
• Current SOL-U.S. Dollar Coin (USDC) trading pairs included in the Index Price are Bitstamp, Bullish, Bybit, Kraken, and OKX.
• The Index Provider retains the right to change trading venues or calculation methods for the Index Price at any time, including during monthly reviews.

Sentiment

Score: 5

Explanation: Neutral. The filing reports a routine operational adjustment by the index provider, which is a standard part of maintaining a digital asset index. It does not indicate positive or negative financial performance or strategic shifts for the Trust itself, but rather a procedural update to its underlying index calculation.

Risks

• The Index Provider may change the trading venues that are used to calculate an Index Price, or otherwise change the way in which an Index Price is calculated, at any time.
• Constituent Trading Platforms may be added or removed if they satisfy or fail the criteria described in the Trust's Registration Statement on Form S-1.

Future Outlook

The Index Provider has scheduled monthly reviews, in which it may add or remove Constituent Trading Platforms that satisfy or fail its criteria.

Industry Context

This reflects the dynamic nature of cryptocurrency index calculation, where trading platforms are continuously evaluated for inclusion based on specific criteria to ensure the integrity and accuracy of the index price. It highlights the ongoing efforts by index providers to maintain robust and reliable benchmarks in the digital asset space.

Comparison to Industry Standards

• This is a standard operational update for an ETF tracking a digital asset index. Index providers for crypto assets frequently review and adjust their constituent platforms to ensure liquidity, reliability, and compliance with their methodology.
• The removal of a platform like itBit for failing to meet conditions is a common practice to maintain index integrity, similar to how traditional equity indices might remove a stock that no longer meets market capitalization or liquidity requirements, as seen with other major crypto index providers like Bloomberg Galaxy Crypto Index or CF Benchmarks.

Stakeholder Impact

• Shareholders: The change in index calculation platforms could subtly affect the accuracy or liquidity of the underlying index, but it is presented as a routine adjustment to maintain index integrity.

Next Steps

• The Index Provider will continue scheduled monthly reviews to potentially add or remove Constituent Trading Platforms based on their criteria.

Key Dates

Recommendation

The filing details a routine operational adjustment by the index provider for the Grayscale Solana Trust ETF, specifically the removal of a trading platform that no longer met inclusion criteria. This is a standard procedure to maintain the integrity and accuracy of the underlying index. It does not present new financial performance data, strategic shifts, or significant risks that would warrant a change in investment recommendation. Therefore, a 'hold' recommendation is appropriate as the fundamental investment thesis for the ETF remains unchanged based on this specific filing.

Keywords

Grayscale Solana Trust ETF, GSOL, Solana, ETF, CoinDesk Indices, Index Price, Digital Asset Trading Platforms, itBit, Cryptocurrency, SEC Filing, 8-K