8-K: Grayscale Solana Trust Becomes ETF, Slashes Fees to 0.35%

Grayscale Solana Trust (SOL) is rebranding to Grayscale Solana Trust ETF and significantly reducing its sponsor fee from 2.5% to 0.35% ahead of its anticipated NYSE Arca listing.

Summary

• Grayscale Solana Trust (SOL) is changing its name to Grayscale Solana Trust ETF, effective October 28, 2025, at 4:01 PM, New York City time.
• The annual Sponsor's Fee will be reduced from 2.5% to 0.35%.
• The fee reduction will be effective on the day the Shares first list and trade on NYSE Arca, Inc., which is currently expected to be October 29, 2025.
• An internal corporate reorganization of the Sponsor's parent entities (GSO Intermediate Holdings Corporation, Grayscale Operating, LLC, Grayscale Investments, Inc.) was consummated on October 22, 2025.
• Grayscale Investments, Inc. is now the sole managing member of Grayscale Operating, LLC, which is the sole member of the Sponsor.
• The board of directors for Grayscale Investments, Inc. consists of Barry Silbert (Chairperson), Mark Shifke, Simon Koster, Peter Mintzberg, and Edward McGee, who are the same members as the prior board of GSOIH.

Sentiment

Score: 8

Explanation: The significant fee reduction and anticipated ETF listing are strong positives for investors, indicating increased competitiveness and accessibility. The corporate reorganization is stated to have no material impact.

Positives

• The annual Sponsor's Fee is significantly reduced from 2.5% to 0.35%, directly benefiting shareholders by lowering ongoing costs.
• The Trust is rebranding to an ETF and is expected to list and trade on NYSE Arca, Inc., which typically enhances accessibility and liquidity for investors.
• The Sponsor determined that the amendment does not materially adversely affect the interests of the Trust's shareholders.

Risks

• The Trust Agreement contains provisions for 'Conflicting Provisions' that may be deemed invalid if in conflict with laws or regulations, which could affect certain aspects of the Trust.
• The effectiveness of the fee reduction is contingent on the Shares first listing and trading on NYSE Arca, Inc.

Future Outlook

The Trust is expected to list and trade its shares on NYSE Arca, Inc. on October 29, 2025, under the new name Grayscale Solana Trust ETF, with a significantly reduced sponsor fee.

Management Comments

• The Sponsor has determined that Amendment No. 1 does not materially adversely affect the interests of the Trusts shareholders.
• We do not expect the Reorganization to have any material impact on the operations of the Trust.

Industry Context

The reduction in the sponsor fee from 2.5% to 0.35% aligns with the broader trend of fee compression observed in the cryptocurrency ETF market, particularly as more spot crypto ETFs gain regulatory approval and compete for investor assets. The rebranding to an 'ETF' structure and listing on NYSE Arca also reflects the industry's move towards more regulated and accessible investment vehicles for digital assets.

Comparison to Industry Standards

• The new 0.35% sponsor fee for Grayscale Solana Trust ETF is highly competitive, positioning it favorably against existing or anticipated crypto-backed ETFs. For instance, Bitcoin spot ETFs launched earlier in 2024 saw initial fees ranging from 0.20% to 0.49%, with some offering temporary waivers.
• This fee reduction places Grayscale Solana Trust ETF significantly below the typical fees of actively managed crypto funds or older trust structures, which often exceed 1.0% or even 2.0%.
• The move to an ETF structure and listing on NYSE Arca aligns with the standard practices for publicly traded investment products, enhancing liquidity and accessibility compared to over-the-counter traded trusts.

Management Changes

Corporate Governance

Related Party Transactions

• The internal corporate reorganization involved GSO Intermediate Holdings Corporation, Grayscale Operating, LLC, Grayscale Investments, Inc., and DCG Grayscale Holdco, LLC, all of which are consolidated subsidiaries of Digital Currency Group, Inc. This represents a restructuring within a related corporate group.

Stakeholder Impact

• Shareholders: Will benefit from a significantly reduced annual Sponsor's Fee (from 2.5% to 0.35%) and increased accessibility/liquidity due to the anticipated NYSE Arca listing as an ETF.
• Sponsor (Grayscale Investments Sponsors, LLC): Will receive a lower percentage fee, potentially offset by increased assets under management due to enhanced competitiveness and market appeal.
• Regulatory Bodies: The changes reflect compliance with regulatory requirements for ETF listings and ongoing disclosures.

Next Steps

• Shares are expected to first list and trade on NYSE Arca, Inc. (expected October 29, 2025).
• The Sponsor's Fee reduction will become effective upon the NYSE Arca listing.

Key Dates

Recommendation

The substantial reduction in the sponsor fee from 2.5% to 0.35% makes Grayscale Solana Trust ETF highly competitive within the digital asset investment space, significantly improving long-term returns for investors. The anticipated listing on NYSE Arca, Inc. as an ETF is expected to enhance liquidity, accessibility, and institutional appeal. These combined factors present a compelling investment opportunity, especially for those seeking regulated exposure to Solana with a favorable cost structure.

Keywords

Grayscale Solana Trust ETF, SOL, Solana, ETF, Grayscale Investments, Sponsor Fee, NYSE Arca, Crypto ETF, Digital Assets, Trust Agreement Amendment