TLDR
- Grayscale’s Solana ETF (GSOL) sets a 2.5% fee and uses a cash creation model with Coinbase as custodian.
- VanEck’s VSOL ETF proposes a 1.5% fee and includes staking rewards from selected validators.
- Both ETFs are structured as grantor trusts and do not fall under the Investment Company Act.
- Eight Solana ETF filings were submitted to the SEC on June 13, 2025, with one more on June 25.
Grayscale and VanEck have amended their S-1 filings for spot Solana ETFs, disclosing sponsor fees, custodians, and fund structures. These updates indicate that both funds are preparing for a potential launch pending regulatory approval by the U.S. Securities and Exchange Commission (SEC). Other firms such as Bitwise and 21Shares have also filed or revised proposals, signaling growing demand for regulated Solana investment products.
Grayscale Updates Solana ETF With 2.5% Fee and Cash Model
Grayscale has submitted an amended S-1 for its proposed Grayscale Solana Trust ETF. The fund will trade under the ticker GSOL on the NYSE Arca. The filing confirms a 2.5% annual sponsor fee and names Coinbase Custody Trust Company as the sole custodian of SOL tokens.
The ETF will use a cash creation and redemption model, meaning shares will be exchanged for cash, not Solana tokens. Third parties will serve as liquidity providers to convert U.S. dollars into SOL when needed. The ETF will track the CoinDesk SLX Index, which reflects real-time Solana prices across major exchanges.
S-1 amendments now rolling in on spot solana ETFs…
Grayscale, VanEck, & 21Shares so far. pic.twitter.com/vKpM9eLsAv
— Nate Geraci (@NateGeraci) July 31, 2025
Grayscale confirmed the fund will not use derivatives, leverage, or engage in lending activities. The ETF will passively hold SOL and could implement staking in the future, subject to a condition called the “Staking Condition” included in the trust structure. The updated filing positions Grayscale’s fund as a straightforward exposure to Solana’s market price.
VanEck Targets Lower Fee With Staking Option
VanEck has submitted a revised filing for its spot Solana ETF, to be listed under the ticker VSOL on Cboe BZX. The fund proposes a lower sponsor fee of 1.5% and includes both Gemini Trust and Coinbase Custody as co-custodians.
Unlike Grayscale, VanEck’s ETF will support staking from the beginning. The filing outlines a strategy to delegate a portion of SOL to selected validators. The validators will be reviewed based on performance, security track records, and slashing history. Rewards generated from staking, net of validator fees, will be included in the fund’s net asset value and reinvested.
VanEck has also signaled openness to incorporating liquid staking tokens (LSTs) such as JitoSOL in the future, depending on SEC guidance. For now, all staking will use traditional validators. The ETF is structured as a grantor trust and is not registered under the Investment Company Act or the Commodity Exchange Act.
Broader Industry Push for Solana-Based ETFs
Beyond Grayscale and VanEck, firms including Bitwise, 21Shares, and Invesco Galaxy have updated or submitted new Solana ETF filings. Eight applications were filed on June 13, 2025, with another following on June 25. Many include mechanisms to support staking, offering yield in addition to price exposure.
A group of crypto industry stakeholders submitted a joint letter to the SEC to support Solana ETFs. The letter emphasized the blockchain’s infrastructure, speed, and liquidity as reasons to approve these filings. Participants included Jito Labs, Multicoin Capital, and the Solana Policy Institute.
Invesco Galaxy’s proposed ETF would also include a staking feature and use the Lukka Prime Solana Reference Rate for pricing. This benchmark updates every 15 seconds, reflecting average prices from major exchanges. If approved, these funds would be among the first U.S.-listed ETFs to offer both spot exposure and staking yield from Solana.
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