Exciting crypto news! Asset management giant Grayscale just made a significant move on Friday, officially filing to convert its Grayscale Solana Trust (GSOL) into a full-fledged exchange-traded fund. The aim? To get it listed and trading on the NYSE Arca.

This move really emphasizes Grayscale’s ongoing push to make crypto investments more accessible to everyone on Wall Street. It follows their initial submission of a regulatory form—a “19b-4″—for their Solana trust back in December, signaling their intentions early on.

Taking a page from their successful playbook with spot Bitcoin and Ethereum ETFs, which received the green light from the U.S. Securities and Exchange Commission last year, Grayscale and other asset managers are hoping to broaden the crypto investment landscape. They want to offer more products that let everyday investors easily tap into the world of altcoins right through their regular brokerage accounts.

Industry analysts believe Solana stands a good chance of getting the regulatory nod for an ETF. Why? They point to a potentially more crypto-friendly stance from the SEC’s leadership recently, coupled with the fact that Solana already has a developing, regulated futures market here in the U.S. – potentially making it a less daunting prospect for regulators.

However, there’s a catch. According to Friday’s filing, the Grayscale Solana Trust, even if it becomes an ETF, will not engage in staking—a process common in the crypto world—with the Solana it holds on behalf of investors.

“To be clear,” the filing states, “we won’t be taking any steps to put the Trust’s SOL into Solana’s proof-of-stake system or use it to generate additional SOL.”

For those unfamiliar, “staking” is essentially earning rewards, much like interest, in the crypto world. By locking up your crypto—in this case, Solana—and participating in validating transactions on the network, users can earn additional coins. It’s a way to incentivize network security and participation.

When the SEC gave the go-ahead to spot Ethereum ETFs last year, Grayscale, along with several other hopeful issuers, had already removed any staking features from their applications before receiving regulatory approval. Besides Grayscale, big names like Fidelity and Ark Invest/21 Shares also made similar adjustments to their applications.

At that time, stripping out staking was a strategic move by ETF applicants to address what were then heightened concerns from the SEC. Under the leadership of former SEC Chair Gary Gensler, the regulatory body was exploring whether proof-of-stake networks might be classified as securities, adding a layer of complexity to ETF approvals.

Grayscale’s latest filing lands just a day after the SEC acknowledged Fidelity’s own application for a spot Solana ETF. It’s clear the SEC has a stack of crypto ETF applications to consider at the moment.

As for Solana’s current market performance, it was trading around $114.50 on Friday, experiencing a slight dip of 0.4% over the last day, according to crypto data from CoinGecko. Interestingly, the price had slipped to a 13-month low just on Thursday amidst concerns surrounding U.S. President Donald Trump’s trade war policies.

Edited by James Rubin