“Grayscale has specialized in crypto since 2013. With a decade of experience, we lead the industry in building crypto investment products and helping investors navigate this evolving asset class.”

"Solana is a smart contract platform blockchain that stands out for the depth and diversity of its on-chain activity. Today it’s the category leader in terms of users, transaction volume, and transaction fees — arguably the three most important measures of blockchain activity.

As a fast and cheap blockchain for everyone, it hosts industry-leading applications in a wide range of categories, including decentralized finance, consumer/social apps, and physical infrastructure projects. Partly because of its efficient design, Solana offers one of the best new-user experiences in crypto, in our view.

With a current valuation of about $119 billion, the network’s SOL token is the fifth-largest crypto asset by market cap (excluding stablecoins) and the third-most liquid. SOL has significantly outperformed its peer group since 2023, and holders can earn a nominal reward rate of approximately 7% through staking.

Grayscale Research believes that Solana’s diverse on-chain economy creates a strong foundation for SOL’s valuation and the necessary conditions for future growth. "