American digital currency asset manager Grayscale announced Monday that its Solana Trust is now trading on the over-the-counter (OTC) market using the ticker GSOL. This makes GSOL the 16th digital product quoted on OTC Markets.

What is GSOL?

Grayscale Solana Trust made its first appearance in November 2021. It was designed to enable investors to gain exposure to the price of Solana while enjoying the safety and other benefits associated with Grayscale. Still, the company noted that the peg to SOL is not guaranteed.

“Because the Trust does not currently operate a redemption program, there can be no assurance that the value of the Shares will approximate the value of Solana held by the Trust, less the Trust’s expenses and other liabilities, and the Shares may trade at a substantial premium over, or a substantial discount to [SOL’s price], such value and the Trust may be unable to meet its investment objective.”

The Grayscale Trust employed the CoinDesk Solana Price Index (SLX) as a benchmark index to keep track of Solana’s price and maintain a decent peg.

Like every other Grayscale product, GSOL started as a private placement, available only to high-net-worth and institutional investors. These investors will hold the asset for at least one year. Once the one-year duration is over, Grayscale will begin to process a public trading activity for the digital product.

This way, investors of GSOL will be able to trade the asset with a public quotation, like Grayscale Bitcoin Trust (GBTC), Grayscale Bitcoin Cash Trust (GBCH), Grayscale Ethereum Trust (ETHE), Grayscale DeFi Fund (DEFG), and other Grayscale products sold over the counter.

GSOL Down by 75.9% in the Past 12 Months

Grayscale Solana Trust’s latest milestone comes after a 75.9% decline in value over the past year. It represents an overall 88.3% decrease since its inception. The exchange also records $2.9 million worth of assets under management (AUM).

It shows that, just like its represented asset, GSOL’s value suffered. When GSOL was created, SOL traded for around $200. However, SOL’s price dropped significantly over the past year to as low as $8 due to several factors. Currently, SOL is traded at $24.

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