What happened?
Grayscale launched the Solana Trust ETF (GSOL) on NYSE Arca, marking its first staking-enabled product to uplist under new SEC listing standards. The fund holds about 525,387 SOL, stakes roughly 75% of tokens, and intends to pass on about 77% of net staking rewards while charging a 0.35% expense ratio. GSOL is the third U.S. Solana ETF, joining Bitwise’s BSOL and Rex-Osprey’s SSK, which cranks up competition for early inflows.
Who does this affect?
Retail and institutional investors who want ETF-style exposure to Solana and the chance to earn staking yields now have another on-ramp. Competing issuers and exchanges are directly affected as they compete for flow, pricing, and staking strategies that appeal to investors. The Solana network, developers, and regulators also feel the impact because added staking and capital can boost security and activity while the ETF’s non-Investment Company Act structure raises oversight and investor-protection questions.
Why does this matter?
More Solana ETFs widen institutional access and could channel significant inflows and liquidity into SOL, supporting price and on-chain growth if demand materializes. Competition around fees and how staking rewards are delivered will likely push issuers to offer better economics, concentrating flows toward the most efficient products. Overall, the move signals growing regulatory acceptance for crypto ETFs and could shift institutional allocations within Layer 1 blockchains, potentially challenging Ethereum’s dominance in certain use cases.