Bitwise, Grayscale, and Canary updated Solana ETF filings to include staking as part of the fund structure.
Staking rewards may be paid to the trust in Solana or cash and could increase the fund’s net asset value.
Seven firms filed Solana ETF updates with staking language showing a shift in how crypto ETFs are being structured.
Bitwise, Canary, and Grayscale have updated their Solana ETF filings to include language that allows staking. The amended S-1 documents show that each fund intends to stake Solana held in custody through designated trust accounts. These changes follow recent communication with the U.S. Securities and Exchange Commission, which has started reviewing staking as part of crypto ETF structures.
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According to the filings, the Solana placed in “Trust Staking Accounts” may generate staking rewards. These rewards may be paid in either Solana tokens or cash and are treated as income to the trust. As a result, the net asset value of the ETF could increase, which may benefit shareholders.
Bitwise and Canary clearly state that staking would be handled by Coinbase Custody, which secures the SOL tokens. This structure allows investors to receive the benefits of staking without managing wallets or technical processes. Grayscale also added staking provisions but introduced an added layer of conditions.
Grayscale Adds Conditions for Staking in Filing
Grayscale’s amended filing allows staking only if specific criteria are met. The trust may stake Solana once a “Staking Condition” is satisfied. This approach gives flexibility while aligning with regulatory expectations. Grayscale’s document does not confirm when or if staking will begin, but it opens the option for the future.
In addition, Grayscale disclosed a 2.5% management fee in its filing. This is higher than typical ETF fees but may reflect the added complexity of including staking. The fee structure could be a consideration for investors seeking regulated staking exposure.
The updated documents signal a broader shift in how asset managers are designing digital asset ETFs. These funds are no longer focused solely on tracking token prices. Instead, they now aim to mirror real-world utility that token holders experience on-chain.
Shift Toward Staking in ETF Space
The Solana ETF amendments come at a time when the SEC is also reviewing Ethereum ETF applications with staking elements. The agency is considering whether to allow staking features in upcoming product approvals. Bloomberg analysts say that both Solana and Ethereum ETFs with staking could potentially launch at the same time.
On June 13, seven Solana ETF applicants submitted S-1 filings. This group includes Bitwise, Grayscale, Canary, Fidelity, 21Shares, Franklin Templeton, and VanEck. All have included staking in their language. These coordinated updates suggest that staking has become a central issue in the evolving crypto ETF conversation.
