PANews reported on December 4 that NYSE Arca, the exchange-traded product platform of the New York Stock Exchange, submitted a Form 19b-4 on behalf of Grayscale Investments on Tuesday to apply for a spot Solana ETF for the Grayscale Solana Trust. This form is used to apply for rule changes to the U.S. Securities and Exchange Commission (SEC).

According to the application documents, if approved, Coinbase Custody Trust Company, LLC will serve as the custodian and BNY Mellon Asset Servicing will serve as the administrator. Over the past year, many institutions including 21Shares, VanEck, Bitwise Asset Management and Canary Capital have been striving to launch a spot Solana ETF.

Notably, Grayscale became one of the institutions approved to trade spot Bitcoin ETFs earlier this year, and the SEC has since approved spot Ethereum ETFs, including Grayscale’s Ethereum product.