TL;DR:
- Grayscale & VanEck filed amended S-1s for Solana ETFs: GSOL (2.5% fee, cash model) and VSOL (1.5% fee, staking enabled).
- SOL CME futures volume surged 252% to $8.1B in July, signaling institutional demand and easing ETF approval pathways.
- VanEck’s staking feature is a US ETF first; REX-Osprey’s ’40 Act ETF offers alternative SOL exposure with staking.
The race for U.S. Solana ETFs accelerated dramatically this week as asset managers Grayscale and VanEck filed amended S-1 documents with the SEC, revealing critical operational details that signal imminent regulatory approval. These filings outline fund structures, fees, custodians, and staking mechanisms. The development follows explosive growth in Solana CME futures, where July trading volume surged 252% to $8.1 billion amid soaring institutional demand for SOL’s high-speed blockchain ecosystem.
Grayscale’s Premium-Priced GSOL
Grayscale’s Solana Trust ETF (ticker: GSOL) will list on NYSE Arca with a 2.5% annual sponsor fee, higher than traditional ETFs but aligned with its crypto products. Unlike spot Bitcoin ETFs, it will operate via a cash-creation model where authorized participants use dollars (not in-kind SOL) for share transactions.
Coinbase Custody will protect assets, while CoinDesk’s SL50 Index offers clear pricing. Notably, staking is excluded at launch, though Grayscale’s filing hints at future implementation under undisclosed “Staking Conditions.”
VanEck’s Staking-First Advantage
VanEck’s Solana Trust (VSOL) aims at Cboe BZX with a competitive 1.5% fee, which is 40% lower than Grayscale’s. Its landmark feature: immediate SOL staking rewards, a first for U.S. crypto ETFs. Validators face rigorous selection based on performance history and security audits. While launching with traditional staking, VanEck plans to integrate liquid staking tokens (LSTs) once regulations are clarified.
Gemini and Coinbase will share custody duties, enhancing security for this yield-generating structure aimed at cost-conscious institutions and retail traders.
CME Futures Surge Signals Approval Readiness
Solana futures on CME Group saw record-breaking momentum in July, volume tripled to $8.1B, while open interest hit $400.9M (+203%). This explosive growth in regulated derivatives, coupled with micro (25 SOL) and standard (500 SOL) contracts, creates a crucial ETF approval pathway.
“One sizable step closer to an SOL ETF,” declared VanEck’s Matthew Sigel, noting futures typically precede spot ETF greenlights. Though still dwarfed by Bitcoin’s $275.3B July futures volume, SOL’s $90.5B market cap shows accelerating institutional adoption.
Alternative Pathways Emerge
Beyond standard ’33 Act filings, REX-Osprey’s SOL + Staking ETF (SSK) launched July 2 under the ’40 Act, already holding staked SOL and LSTs. While structurally distinct from VanEck/Grayscale proposals, its existence pressures regulators and demonstrates creative workarounds. “ETF listing increases futures activity as market makers hedge positions,” noted Presto’s Peter Chung.
