Grayscale has taken the next step toward converting its Solana Trust (GSOL) into an exchange-traded fund (ETF), marking its entry into the Solana ETF race. The asset manager filed a 19b-4 submission with NYSE Arca on Tuesday, signaling its intent to list the fund and seeking approval from the U.S. Securities and Exchange Commission (SEC) for a proposed rule change.

This move makes Grayscale the fifth asset management firm to file for a Solana ETF, joining Bitwise, VanEck, 21Shares, and Canary Capital, which have all put forward similar proposals earlier in the year.

Launched in 2021, the Solana Trust currently holds $134 million in assets under management. Grayscale has already converted its Bitcoin and Ethereum Trusts into ETFs with success, positioning itself to replicate that achievement with Solana.

The timing of Grayscale’s filing is noteworthy, as Solana has experienced a remarkable rally this year, driven by positive market sentiment, including the anticipated regulatory shifts following Donald Trump’s election. In response to the filing, SOL rose by approximately 3%, continuing its impressive 130% year-to-date gain.