Grayscale Investments’ Grayscale Solana Trust (GSOL) is now trading on the OTC Markets. The Trust is aimed at giving investors exposure to the price fluctuations of Solana without requiring them to purchase, store, and safeguard the asset themselves. The Solana Network (SOL) is a decentralized smart contract platform. Smart contracts created on the Solana Network can be performed on the Solana blockchain in return for SOL tokens.
GSOL Shares Freely Traded for Investor Access to Solana Price Fluctuations
Grayscale’s GSOL now has 304,427 shares in circulation, with the number expected to increase in the coming months. The Trust is not an SEC-registered company and is therefore exempt from the disclosure and other obligations of the Securities Exchange Act of 1934. However, it is subject to the Alternative Reporting Standards of the OTC Markets.
The Trust seeks to achieve its investment goal by having the value of the Shares reflect the value of the Solana owned by the Trust. It is determined by the reference to the CoinDesk’s Solana Price Index (SLX) at 16:00 New York Time, minus the expenditures and other liabilities of the Trust. The Trust is intended to mirror the performance of the CoinDesk SLX Index.
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The GSOL Shares will be freely traded, so they can be bought and sold by any investor with access to U.S. securities through their investment accounts. The Trust is a company that invests intending to give investors an understanding of the price fluctuation of Solana.
Accredited Investors Participate in Private Placement By Grayscale’s Grayscale Solana Trust
Since November 2021, accredited investors have been able to participate in a private placement made by the Trust. Rule 144 of the Securities Act of 1933 requires a one-year holding period before shares issued via the Trust’s private placement can be sold to the general public.
Grayscale Investments is the largest digital currency asset manager in the world and with the addition of GSOL. They now have a total of 16 digital currency investment products trading on the OTC Markets. This makes Grayscale Investments the largest digital currency asset manager in the world.
The Trust aims to provide investors with exposure to the price fluctuations of Solana, without requiring them to purchase, store, and safeguard the asset themselves. The GSOL Shares are freely traded and will mirror the performance of the CoinDesk SLX Index.