US Solana ETFs are one step closer to becoming a reality. On Wednesday, asset managers Grayscale and VanEck filed amended S-1 documents with the Securities and Exchange Commission (SEC).
These filings have such critical data as fund fees, custodians, staking models, and operational specifics. Market watchers said these updates represent a significant move closer to regulatory approval.
If the ETFs are approved, they would be the first available to mainstream US investors to directly expose them to Solana (SOL), the fifth-largest cryptocurrency by market capitalization.
Grayscale’s proposed fund, the Grayscale Solana Trust ETF, will trade under the ticker GSOL on NYSE Arca, one of the largest US exchanges for trading securities.
According to the amended filing, the ETF will boast a 2.5% annual sponsor fee—a lofty fee compared with traditional ETFs but roughly in line with Grayscale’s other crypto products. The trust’s custodian will be Coinbase Custody, a qualified digital asset storage solutions provider.
Interestingly, it won’t permit in-kind redemptions or creations at inception either. Instead, it is designed to follow a cash model, so authorized participants will create and redeem shares with US dollars. Liquidity providers can convert that cash to SOL to align it with the fund’s net asset value (NAV).
Grayscale will value GSOL based on the CoinDesk SL50 Index, a market benchmark that measures the price of Solana across major cryptocurrency exchanges. This would provide transparency and an equitable price.
Grayscale noted that the ETF will hold SOL passively and not use derivatives, lend, or trade to accumulate cryptocurrency. Staking is not included at launch, though Grayscale has left open the possibility of including it in the future, subject to its so-called “Staking Condition.”
VanEck to Lower Fees and Opt for Staking on VSOL
VanEck’s new proposal is a more aggressive pitch for innovation. The VanEck Solana Trust fund will be listed under the ticker VSOL on Cboe BZX, pending regulatory approval.
VanEck charges a more aggressive 1.5% annual sponsor fee, well below Grayscale’s. It’s a model that could appeal to cash-strapped institutional and retail investors alike.
VanEck’s filing is unique among US-based crypto ETFs, including staking of SOL from the start.
To mitigate risk, VanEck added that it will have stringent criteria to select staking validators, such as performance metrics, slashing history, and security certifications.
The ETF starts with regular staking first, but VanEck is already ready to scale. The company revealed that it might integrate liquid staking tokens (LSTs) in the future, once the regulatory framework is clearer. These can be symbols that enable users to stake assets and maintain liquidity — a common theme in the DeFi world.
Gemini Trust Company and Coinbase Custody will share the custody of the Solana tokens for the VanEck trust.
SEC advances review process for Solana ETFs
The filing of these amended S-1s is critical in the process. It indicates that, as both Grayscale and VanEck, they likely have both had initial responses from the SEC and are moving in the right direction towards compliance.
According to experts in the world of the cryptocurrency industry, it is a reflection of the broader trend. The SEC has shown an increasingly open stance towards crypto investment products. It prefers those that emphasize transparency, custody security, and investor safety following the groundbreaking spot Bitcoin ETF approval in January 2025.
Both Solana ETFs are in the form of grantor trusts, which is a structure that other Bitcoin and Ethereum funds use. This would exempt them from the Investment Company Act 1940 and the Commodity Exchange Act. As a result, they won’t be subject to the same restrictions as mutual funds or commodity pools.
Grayscale and VanEck hope to capitalize on rising demand for Solana’s high-speed, low-cost blockchain, which is used for decentralized applications (dApps), gaming, and tokenized assets.
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