The approval of Solana-based ETFs in the United States is closer than ever. On Wednesday, July 30, 2025, asset management giants Grayscale and VanEck submitted amended S-1 filings with the U.S. Securities and Exchange Commission (SEC), marking a significant step forward in the regulatory process.
Key Updates in Amended Filings
The filings included essential information such as fund fees, staking mechanisms, custodianship, and operational frameworks. These disclosures signal progress towards regulatory approval for both firms’ proposed Solana exchange-traded funds, which would offer mainstream U.S. investors direct exposure to SOL, currently the fifth-largest cryptocurrency by market capitalization.
Grayscale Solana Trust ETF: GSOL
Grayscale’s proposed ETF, named the Grayscale Solana Trust ETF, will trade under the ticker GSOL on NYSE Arca. It carries a 2.5% annual sponsor fee, consistent with Grayscale’s other crypto offerings. Coinbase Custody will serve as the custodian, ensuring secure digital asset storage.
The ETF will operate on a cash model rather than allowing in-kind redemptions or creations. This means all share creations and redemptions will occur via U.S. dollars, which will then be converted to SOL by liquidity providers. Grayscale will price GSOL using the CoinDesk SL50 Index to ensure transparent and equitable valuations.
Initially, GSOL will not engage in staking, lending, or trading of Solana tokens, although Grayscale has indicated it may include staking in the future depending on regulatory conditions.
VanEck Solana Trust ETF: VSOL with Lower Fees and Staking
VanEck has taken a more aggressive approach with its VanEck Solana Trust ETF, which will trade under the ticker VSOL on Cboe BZX, pending SEC approval. The fund proposes a lower 1.5% annual sponsor fee and introduces staking from launch.
VanEck's model includes robust validator selection based on slashing history, performance, and security credentials. In a bid to embrace innovation, the firm has also left room to incorporate liquid staking tokens (LSTs) in the future.
Custody of SOL tokens will be jointly managed by Gemini Trust Company and Coinbase Custody, enhancing security through diversification.
SEC's Progress and Market Impact
The amended filings suggest that both Grayscale and VanEck are responding to SEC feedback and moving closer to approval. Experts say this reflects the SEC’s evolving stance on crypto investment products, especially those that prioritize transparency and security. This follows the groundbreaking approval of spot Bitcoin ETFs in January 2025.
Both proposed ETFs use a grantor trust structure, similar to existing Bitcoin and Ethereum ETFs. This structure exempts them from the Investment Company Act of 1940 and the Commodity Exchange Act, reducing regulatory hurdles compared to mutual funds and commodity pools.
Why Solana ETFs Matter
These ETFs aim to meet rising investor demand for Solana’s blockchain, which powers a growing ecosystem of decentralized apps (dApps), gaming, and tokenized assets. As institutional and retail interest in Solana grows, these funds could offer a vital gateway for traditional investors to participate.
The progress of these ETFs will be watched closely as the crypto industry continues to mature and integrate with mainstream financial markets.
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