Grayscale Investment, the world’s largest digital currency asset manager, has expanded its portfolio by launching Grayscale Solana Trust on OTC markets. The trust’s shares can now be traded under the symbol GSOL.

The purpose of the trust is to provide investors with exposure to SOL in the form of a security without owning it directly.

Grayscale Solana Trust now trading on OTC markets

In a press release on April 17, Grayscale announced that Grayscale Solana Trust will be available for trade on OTC markets as “GSOL”.

The aim of investing in the Trust is for the value of shares to reflect the value of Solana held by the Trust, minus expenses and liabilities.

The Trust is also meant to track the CoinDesk SLX Index and will not generate any income. Instead, GSOL will regularly distribute SOL to pay for its expenses.

The report highlighted that GSOL is not registered with the Securities and Exchange Commission (SEC) and is, therefore not subject to its rules. However, GSOL is subject to the OTC Market’s Alternative Reporting Standards.

GSOL is available to institutional and individual investors who can find current financial disclosure and real-time level 2 quotes for shares on the OTC Markets once trading begins. As of April 14, GSOL had 304,427 outstanding shares.

Solana price up 2.5%

The price of SOL went up 2.5% following the announcement by Grayscale to offer GSOL on OTC Markets. SOL is currently trading at $24.86, according to data from CoinMarketCap.

Grayscale’s plan to have GSOL pegged to Solana is a strategy the company has used with its bitcoin and ether trusts – GBTC and ETHE, where investors give their crypto to Grayscale in return for shares in the trusts.