GSOL rebrands to ETF; 0.35% fee set ahead of NYSE Arca debut

Rhea-AI Filing Summary

Grayscale Solana Trust ETF (GSOL) reported two administrative updates. The Trust changed its name from “Grayscale Solana Trust (SOL)” to “Grayscale Solana Trust ETF,” effective October 28, 2025. The Sponsor also amended the trust agreement to reduce the Sponsor’s Fee to 0.35%, effective on the day the shares first list and trade on NYSE Arca, currently expected on October 29, 2025.

The Sponsor completed an internal corporate reorganization on October 22, 2025, making Grayscale Investments, Inc. the sole managing member of Grayscale Operating, LLC, the parent of the Sponsor. The board now overseeing the Sponsor consists of Barry Silbert (Chair), Mark Shifke, Simon Koster, Peter Mintzberg, and Edward McGee—the same individuals as before the reorganization. The Trust states it does not expect any material impact on operations.

Insights

ETF and fund structure analyst

Name change and fee set at 0.35%; operations unchanged.

Grayscale Solana Trust ETF formalized a name change and set the Sponsor’s Fee at 0.35%, effective when trading begins on NYSE Arca. This clarifies the ongoing expense rate investors can expect once the fund lists.

An internal reorganization on October 22, 2025 makes Grayscale Investments, Inc. the sole managing member over the Sponsor’s parent. The board composition remains the same, and the Trust notes no material operational impact.

Key near-term milestone is the anticipated NYSE Arca listing on October 29, 2025, when the fee becomes effective. Actual trading timing and any subsequent disclosures will frame early fund operations.

8-K Event Classification

3 items: 1.01, 8.01, 9.01

3 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Understanding 8-K Material Events →

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 22, 2025

Grayscale Solana Trust ETF

(Exact name of Registrant as Specified in Its Charter)

Delaware			001-42920	87-6771043
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
c/o Grayscale Investments Sponsors, LLC 290 Harbor Drive, 4th Floor
Stamford, Connecticut				06902
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: 212 668-1427

Grayscale Solana Trust (SOL)

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

	☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
	☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
	☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
	☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Grayscale Solana Trust ETF Shares		GSOL		NYSE Arca, Inc.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01. Entry into a Material Definitive Agreement.

On October 27, 2025, Grayscale Investments Sponsors, LLC, the sponsor (“GSIS” or the “Sponsor”) filed a Certificate of Amendment to Certificate of Trust on behalf of Grayscale Solana Trust ETF (the “Trust”) with the Secretary of the State of Delaware for the purpose of changing its name from “Grayscale Solana Trust (SOL)” to “Grayscale Solana Trust ETF” (the “Certificate of Amendment”), effective as of 4:01pm, New York City time, on October 28, 2025.

Additionally, on October 27, 2025, the Sponsor entered into Amendment No. 1 (“Amendment No. 1”) to the Second Amended and Restated Declaration of Trust and Trust Agreement, dated as of September 19, 2025 (the “Second A&R Trust Agreement”), as may be further amended from time to time, which changes the name of the Trust, effective as of October 28, 2025, and reduces the Sponsor’s Fee (as defined in the Second A&R Trust Agreement) to 0.35%, effective as of the day the shares of the Trust first list and trade on NYSE Arca, Inc., currently expected to be October 29, 2025.

The Certificate of Amendment, which also became effective as of October 28, 2025, is attached as Exhibit A to the Amendment No. 1.

The Sponsor has determined that Amendment No. 1 does not materially adversely affect the interests of the Trust’s shareholders and that the Sponsor and the Trustee may amend the Second A&R Trust Agreement without the consent of the Trust’s shareholders pursuant to Section 10.1 of the Second A&R Trust Agreement.

The foregoing description of the Amendment No. 1 and the Certificate of Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment No. 1 and the Certificate of Amendment, copies of which are attached hereto as Exhibits 4.1 and 4.2, respectively, and incorporated herein by reference.

Item 8.01. Other Events.

Corporate Reorganization of the Sponsor

On October 22, 2025, GSO Intermediate Holdings Corporation (“GSOIH”), a Delaware corporation which was the sole managing member of Grayscale Operating, LLC (“GSO”), a Delaware limited liability company which is the sole member of the Sponsor, consummated an internal corporate reorganization (the “Reorganization”). Pursuant to the Reorganization, GSOIH transferred a portion of its common membership units of GSO for Class A shares of Grayscale Investments, Inc. (“Grayscale Investments”), a Delaware corporation incorporated in connection with the Reorganization, and ceded its managing member rights in GSO to Grayscale Investments. As a result of the Reorganization, Grayscale Investments is now the sole managing member of GSO, the sole member of the Sponsor.

Also in connection with the Reorganization, on October 22, 2025, DCG Grayscale Holdco, LLC (“DCG Holdco”), the sole stockholder of Grayscale Investments, elected a board of directors (the “Board”) at Grayscale Investments. Prior to the Reorganization, GSOIH’s board of directors was responsible for managing and directing the affairs of the Sponsor. As a result of the Reorganization, the Board of Grayscale Investments is responsible for managing and directing the affairs of the Sponsor, and consists of Barry Silbert, Mark Shifke, Simon Koster, Peter Mintzberg and Edward McGee, the same members as the board of directors of GSOIH prior to the Reorganization. Mr. Mintzberg and Mr. McGee also retain the authority granted to them as officers of the Sponsor under the limited liability company agreement of the Sponsor. Mr. Silbert is the Chairperson of the Board of Grayscale Investments.

DCG Holdco, Grayscale Investments, GSOIH, GSO and GSIS are all consolidated subsidiaries of Digital Currency Group, Inc.

We do not expect the Reorganization to have any material impact on the operations of the Trust.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.		Description
4.1		Amendment No. 1 to the Second Amended and Restated Declaration of Trust and Trust Agreement
4.2		Certificate of Amendment to Certificate of Trust (attached as Exhibit A to Amendment No. 1 to the Second Amended and Restated Declaration of Trust and Trust Agreement)
104		Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			Grayscale Investments Sponsors, LLC, as Sponsor of Grayscale Solana Trust ETF
Date:	October 29, 2025	By:	/s/ Edward McGee
			Name: Edward McGee Title: Chief Financial Officer*

* The Registrant is a trust and the identified person signing this report is signing in their capacity as an authorized officer of Grayscale Investments Sponsors, LLC, the Sponsor of the Registrant.

FAQ

What did GSOL change in this update?

GSOL changed its name to “Grayscale Solana Trust ETF” effective October 28, 2025 and set the Sponsor’s Fee at 0.35% effective upon NYSE Arca listing.

When does the 0.35% Sponsor’s Fee take effect for GSOL?

The 0.35% Sponsor’s Fee becomes effective on the day GSOL shares first list and trade on NYSE Arca, currently expected October 29, 2025.

Is GSOL changing exchanges or ticker symbols?

GSOL shares are expected to list and trade on NYSE Arca under the ticker GSOL.

What corporate reorganization affected GSOL’s Sponsor?

On October 22, 2025, Grayscale Investments, Inc. became the sole managing member of the Sponsor’s parent entity after an internal reorganization.

Did the reorganization change GSOL’s governance?

The board overseeing the Sponsor remains Barry Silbert (Chair), Mark Shifke, Simon Koster, Peter Mintzberg, and Edward McGee.

Will the reorganization impact GSOL’s operations?

The Trust states it does not expect any material impact on operations.