Solana News Today: Grayscale's Staking ETF vs. Bitwise's Fee War: Solana's Institutional Race Heats Up

Grayscale Investments has filed for a spot Solana (SOL) exchange-traded fund (ETF) with a 0.35% annual management fee paid in Solana tokens, positioning itself to capture institutional demand for the blockchain's native asset Grayscale Sets 0.35% Fee for Solana ETF Ahead of Key SEC Decision^[1]. The proposed Grayscale Solana Trust ETF (ticker: GSOL) would offer investors exposure to staking rewards through traditional brokerage accounts, a feature the firm emphasizes as a first-mover innovation in digital asset investing Grayscale Files to Convert Solana Trust Into Spot ETF on NYSE^[3]. The SEC is expected to rule on the filing shortly, with approval potentially marking a milestone in U.S. crypto investment products Grayscale Files to List Solana ETF With 0.35% Fee Paid in SOL^[4].

The ETF's fee structure reflects a competitive landscape where rival Bitwise Asset Management has already filed for a Solana Staking ETF with a 0.20% fee, the lowest in the market, and a temporary fee waiver until the fund reaches $1 billion in assets under management (AUM) Bitwise Sets New Standard With Low Fee and Staking in Solana ETF^[2]. Bitwise's aggressive pricing strategy, coupled with its rebranding as the "Bitwise Solana Staking ETF (BSOL)," underscores the intensifying race to attract institutional and retail capital to Solana-based products Grayscale Solana ETF Launch with 0.35% Management Fee^[5]. Grayscale, however, highlights its established infrastructure, including custodians like Coinbase Custody and Anchorage Digital Bank, as a differentiator in a market increasingly focused on security and compliance Grayscale Sets 0.35% Fee for Solana ETF Ahead of Key SEC Decision^[1].

The proposed ETF includes updated risk disclosures related to staking, warning that validator losses or reduced incentives could affect Solana's network stability Grayscale Sets 0.35% Fee for Solana ETF Ahead of Key SEC Decision^[1]. Despite these risks, Grayscale CEO Peter Mintzberg stated that "staking in our spot Ethereum and Solana funds is exactly the kind of first-mover innovation Grayscale was built to deliver," emphasizing the firm's role in bridging traditional finance and decentralized technology Grayscale Files to Convert Solana Trust Into Spot ETF on NYSE^[3]. The firm also disclosed that fee adjustments could occur based on market conditions and competition, though no waiver is currently planned Grayscale Sets 0.35% Fee for Solana ETF Ahead of Key SEC Decision^[1].

Market reactions to the filing have been mixed. Solana's price fell 2.9% in the 24 hours preceding the announcement, trading near $222 as investors awaited the SEC's decision Bitwise Sets New Standard With Low Fee and Staking in Solana ETF^[2]. Analysts noted that a $217 support level could determine short-term price direction, with further declines posing risks to network security and staking participation Grayscale Files to List Solana ETF With 0.35% Fee Paid in SOL^[4]. The competitive fee environment has also drawn attention to broader implications for institutional adoption, with Bloomberg's Eric Balchunas describing Bitwise's strategy as "not playing around" in a market where cost efficiency is a key driver of inflows Bitwise Sets New Standard With Low Fee and Staking in Solana ETF^[2].

Grayscale's ETF filing aligns with a broader trend of institutional interest in Solana, exemplified by companies like Forward Industries (NASDAQ: FORD), which has staked 6.8 million SOL to generate yield and support the network Solana’s Institutional Moment: SOL Digital Asset Treasuries^[6]. The firm's structure, which includes tax counsel from Davis Polk & Wardwell and marketing services from Foreside Fund Services, reflects a comprehensive approach to regulatory compliance and market access Grayscale Sets 0.35% Fee for Solana ETF Ahead of Key SEC Decision^[1]. If approved, the ETF would be one of the first U.S. spot Solana ETPs to offer staking capabilities to both institutional and retail investors, potentially accelerating mainstream adoption Grayscale Files to List Solana ETF With 0.35% Fee Paid in SOL^[4].

The SEC's decision remains a critical variable. While prediction markets suggest a 99% likelihood of approval by year-end 2025, delays caused by the U.S. government shutdown have added uncertainty to the timeline Grayscale Files to List Solana ETF With 0.35% Fee Paid in SOL^[4]. Industry analysts noted that the SEC's recent feedback on staking mechanisms-previously a contentious issue for Ethereum ETFs-could influence the outcome. A favorable ruling would not only validate Solana's role in institutional portfolios but also set a precedent for future altcoin ETFs, particularly those with yield-generating features Solana ETF Approval Could Include Staking, If SEC Agrees^[7].