Spot Solana ETPs Arrive on Wall Street
Today marks a historic milestone for the Solana ecosystem: the very first time in U.S. history investors can access Solana through a spot exchange-traded product (ETP), offering a new, regulated pathway into crypto markets. ETPs trade on stock exchanges and give investors familiar, regulated access to crypto assets, like Solana, directly in their existing financial portfolio – without requiring a separate digital wallet or knowledge on self-custody.
“Today is a watershed moment for both investors and innovators. The launch of the first spot Solana ETP in the U.S., BSOL, demonstrates broad recognition of Solana’s role as critical financial infrastructure for the future of the digital economy. The rails of global finance are being rebuilt with Solana at the center and investors now have access to it,” said Kristin Smith, President of Solana Policy Institute.
The Solana network is well-positioned to meet this moment. A blockchain known for its speed, low cost, and thriving developer ecosystem, Solana has become the network of choice for traditional financial institutions exploring tokenized assets.
Just as the internet disrupted commerce, media, and communications, Solana can power the issuance and trading of any asset – anywhere, anytime – to help modernize our global financial markets.
History of Crypto ETPs
Today’s launch of Solana ETPs has been years in the making. In 2023, Grayscale Investments won a landmark court case against the SEC that paved the way for U.S. spot Bitcoin ETPs to come to market. By January 2024, spot Bitcoin ETPs were trading—and quickly became some of the fastest-growing funds in history. Ethereum ETPs followed shortly thereafter in May 2024.
The lesson was clear: investors, both institutional and retail, want exposure to digital assets in the trusted, familiar form. The ETP structure provides broad accessibility using existing and familiar tools.
Earlier this year, the SEC introduced “generic listing standards” for crypto ETPs—making it possible for assets like Solana to be included in the product wrapper once certain benchmarks, like a futures market, are met. This streamlined process replaced years of resistance and uncertainty with a transparent path forward.
What Solana ETPs Mean for Investors
Most of the world’s money is controlled by institutional investors and intermediaries, and it is vastly easier – and in some cases necessary – for these investors to allocate to crypto when an ETP exists.
Structurally, ETPs democratize access to assets. ETPs make crypto more accessible for retail and institutional investors alike, removing potential frictions and barriers to entry. For many investors, direct ownership of SOL tokens has been difficult or even impossible. Solana ETPs solve that challenge, opening access through a traditional securities product.
ETPs also provide investors with increased regulatory comfort, removing regulatory uncertainty and potential reputational risks that had previously been associated with crypto investing.
With the launch of Solana ETPs, investors can now hold Solana exposure in brokerage and retirement accounts. Asset allocators prohibited from holding tokens directly can now include Solana in portfolios.
The recent growth of Solana digital asset treasury companies (DATs)—publicly traded firms that hold and stake SOL—preceded this moment. ETPs now take that trend mainstream, giving investors a direct alternative vehicle to gain exposure.
Looking Ahead
With the first Solana ETPs now trading in the United States, millions of investors gain access to one of the world's most performant blockchains through a regulated product. Investors now have the choice to participate in Solana's future on their own terms.