The Company’s Sixteenth Publicly Traded Investment Vehicle Enhances Investors’ Ability to Access Digital Assets Through Trusted, Safe, Regulated US Security
STAMFORD, Connecticut, April 17, 2023 (GLOBE NEWSWIRE) — Grayscale Investments®, the world’s largest digital currency asset manager, today announced that Grayscale® Solana Trust (the “Trust”) has begun trading on OTC markets under the symbol: GSOL. Grayscale now offers 16 digital currency investment products listed on OTC markets.
Solana (SOL) is the native token of the Solana Network, a smart contract platform first conceived in a 2017 white paper. The Solana Network is designed to enable users to write and deploy smart contracts that execute on the Solana blockchain in exchange for payment from SOL. Like the Ethereum network, the Solana network is one of a number of projects intended to expand the use of blockchain beyond just a peer-to-peer money system. The Solana protocol introduced the Proof-of-History timestamp mechanism, which is intended to provide transaction processing speed and capacity advantage over other blockchain networks. The Trust is an investment vehicle intended to allow investors to gain exposure to Solana’s price movement, so that investors can avoid the challenges of buying, storing and holding assets outright.
SECONDARY MARKET FOR THE PRIVATE PLACEMENT
The Trust has been offering a private placement to accredited investors since November 2021. As of April 14, 2023, there were 304,427 shares of GSOL outstanding. Shares created through the private placement of the Trust are eligible for sale in the public market after a legal holding period of one year pursuant to Rule 144 of the Securities Act of 1933.*
All investors with access to U.S. securities can buy and sell free float GSOL stock through their brokerage accounts in the same way as any other securities.
The investment objective of the Trust is that the value of the Shares (on a Solana per Share basis) reflects the value of Solana held by the Trust, as determined by the CoinDesk Solana Price Index (SLX) at 4:00 p.m. New York time less the expenses of the Trust and other obligations.
The Trust is designed to track the CoinDesk SLX Index. The Trust will not generate any income and regularly distributes SOL to pay for its current expenses. Therefore, the amount of SOL represented by each respective Share gradually decreases over time. GSOL is not registered with the Securities and Exchange Commission and is not subject to disclosure and certain other requirements imposed by the Securities Exchange Act of 1934, but is subject to OTC Markets’ Alternative Reporting Standards.
GRAYSCALE PRODUCT FAMILY
Grayscale’s investment products are available to institutional and individual accredited investors through their respective periodic and ongoing private placements. In addition to GSOL, Grayscale is also the sponsor of single-asset investment products providing exposure to Basic Attention Token (BAT), Bitcoin (BTC), Bitcoin Cash (BCH), Chainlink (LINK), Decentraland (MANA), Ethereum (ETH), Ethereum Classic (ETC), Filecoin (FIL), Horizen (ZEN), Litecoin (LTC), Livepeer (LPT), Stellar Lumens (XLM) and Zcash (ZEC).
Grayscale’s diversified products include Grayscale DeFi Fund, which provides exposure to a diversified basket of DeFi digital assets designed to track the CoinDesk DeFi Select Index (DFX); Grayscale Digital Large Cap Fund, which provides exposure to the largest and most liquid digital assets through a market-cap weighted portfolio designed to track the CoinDesk Large Cap Select Index (DLCS); and Grayscale Smart Contract Platform Ex-Ethereum Fund, which provides exposure to a selection of leading Smart Contract Platforms through a market cap weighted portfolio designed to track the CoinDesk Smart Contract Platform Select Ex ETH Index (SCPXX).
This newly traded product means that Grayscale now offers investors a total of 16 products with public listings. Grayscale® Basic Attention Token Trust (OTCQB: GBAT), Grayscale® Bitcoin Trust (OTCQX: GBTC), Grayscale® Bitcoin Cash Trust (OTCQX: BCHG), Grayscale® Chainlink Trust (OTCQB: GLNK), Grayscale® Decentraland Trust (OTCQX: MANA), Grayscale® Ethereum Trust (OTCQX: ETHE), Grayscale® Ethereum Classic Trust (OTCQX: ETCG), Grayscale® Filecoin Trust (OTCQB: FILG), Grayscale® Horizen Trust (OTCQX: HZEN), Grayscale® Litecoin Trust (OTCQX: LTCN), Grayscale® Livepeer Trust (OTCQB: GLIV), Grayscale® Stellar Lumens Trust (OTCQX: GXLM), Grayscale® Zcash Trust (OTCQX: ZCSH), Grayscale® Digital Large Cap Fund (OTCQX: GDLC) and Grayscale® DeFi Fund (OTCQB: DEFG) are also publicly traded and available to all investors with access to US securities. Investors can find up-to-date financial information and real-time Level 2 quotes for stocks at www.otcmarkets.com/stock/gsol/revelation once trading for GSOL begins.
*The Trust offers a private placement to accredited investors. Because the Trust does not currently have a redemption program, there can be no assurance that the value of the Shares will approximate the value of Solana held by the Trust, after deduction of the Trust’s expenses and other liabilities, and the Shares may be redeemed at a significant premium are traded. over, or a substantial discount to, such value and the Trust may not be able to meet its investment objective.
This press release is not an offer to sell or an invitation to make an offer to purchase any security in any jurisdiction in which such offer or solicitation would be unlawful, nor shall any sale of any security be made in any jurisdiction in which such an offer, solicitation or sale would be illegal prior to registration or qualification under the securities laws of that jurisdiction.
About Grayscale Investments®
Grayscale enables investors to access the digital economy through a family of secure, regulated and forward-looking investment products. Founded in 2013, Grayscale has a proven track record and deep expertise as the world’s largest digital currency asset manager. Investors, advisors and allocators turn to Grayscale for exposure to single asset, diversified and thematic investments. Grayscale products are distributed by Grayscale Securities, LLC (member FINRA/SIPC). For more information, follow @Grayscale or visit grayscale. com.