The race to launch the first Solana ETFs just heated up. Grayscale and VanEck submitted amended S-1 filings, revealing crucial details about fees, staking, and custody arrangements.
Grayscale’s Solana ETF (GSOL) Highlights
- 2.5% sponsor fee – Higher than Bitcoin ETF counterparts
- Coinbase Custody as sole custodian
- Cash-only model (no in-kind creations initially)
- Passive SOL holding (no staking yet, but may change)
- Ticker: GSOL | Exchange: NYSE Arca
VanEck’s Competitive Edge (VSOL)
- Lower 1.5% fee undercuts Grayscale
- Staking rewards included (via third-party validators)
- Gemini + Coinbase as co-custodians
- Future LST integration possible
- Ticker: VSOL | Exchange: Cboe BZX
Why This Matters
✅ Approval signals growing – Final SEC decision could come soon
✅ Staking differentiation – VanEck’s active approach may attract more investors
✅ Fee war begins – 1.5% vs 2.5% sets stage for competition
Both ETFs will track the CoinDesk SLX Index and operate as grantor trusts, avoiding stricter investment company regulations.