Grayscale and VanEck have filed amended proposals for spot Solana exchange-traded funds (ETFs), formally disclosing fee structures, custody arrangements, and staking mechanisms in a significant step toward regulatory approval.
Grayscale’s GSOL ETF proposal outlines a 2.5% sponsor fee with exclusive custody handled by Coinbase Custody. The fund would operate under a passive investment strategy using a cash-creation model, excluding staking capabilities at launch.
VanEck’s competing VSOL ETF filing specifies a lower 1.5% management fee alongside dual-custody through Gemini and Coinbase. Notably, the proposal incorporates active staking of SOL tokens with rewards automatically reinvested for shareholders—contingent on regulatory authorization.
Both ETF structures operate as grantor trusts, securing exemptions from the Investment Company Act and Commodity Exchange Act. SEC approval remains essential for listed trading on platforms including NYSE Arca and Cboe BZX, providing institutional investors regulated access to Solana exposure.
Market analysts note that potential ETF approvals may significantly enhance Solana’s institutional adoption, deepen market liquidity, and build confidence in the SOL ecosystem as firms address operational details ahead of securities clearance.