Solana News Today: Grayscale and VanEck file amended Solana ETFs with SEC

Grayscale and VanEck have taken a significant step forward in their efforts to launch Solana-based exchange-traded funds (ETFs) in the United States by submitting amended S-1 forms to the U.S. Securities and Exchange Commission (SEC). These filings include key details such as fund fees, custodianship arrangements, and staking models, reflecting both firms' progress toward regulatory compliance [1]. If approved, the ETFs would provide U.S. investors with direct exposure to Solana (SOL), the fifth-largest cryptocurrency by market capitalization.

Grayscale’s proposed Grayscale Solana Trust ETF (ticker: GSOL) will be listed on NYSE Arca and carry a 2.5% annual sponsor fee, which aligns with the firm’s other crypto offerings [1]. The fund is designed to hold SOL passively without using derivatives or engaging in staking at launch. Coinbase Custody will serve as the custodian, ensuring secure digital asset storage. The fund's valuation will be based on the CoinDesk SL50 Index, providing a transparent and market-recognized benchmark [1].

VanEck’s proposed fund, the VanEck Solana Trust (ticker: VSOL), is set to be listed on Cboe BZX. It features a lower annual sponsor fee of 1.5%, making it more accessible to both institutional and retail investors [1]. Notably, VanEck's proposal includes staking from inception, with strict criteria for validator selection to mitigate risk. The firm has also signaled potential future integration of liquid staking tokens (LSTs) if regulatory clarity improves [1]. Custody for the fund will be shared by Gemini Trust Company and Coinbase Custody.

The amended filings indicate that both asset managers have likely received initial feedback from the SEC, moving them closer to regulatory approval [1]. The SEC’s recent approval of spot Bitcoin ETFs in January 2025 has set a precedent, and the agency appears to be adopting a more open stance toward crypto products that emphasize transparency, custody security, and investor protection [1].

Both ETFs are structured as grantor trusts, a model used by Bitcoin and Ethereum ETFs that allows them to avoid the constraints of the Investment Company Act of 1940 and the Commodity Exchange Act. This structure enhances flexibility for fund operations and aligns with the regulatory framework established for other digital asset ETFs [1].

The proposed Solana ETFs follow the success of Bitcoin and Ethereum ETFs, which have attracted substantial investor inflows since their U.S. market debut in 2024 [5]. With rising demand for Solana’s high-speed, low-cost blockchain infrastructure used in decentralized applications (dApps), gaming, and tokenized assets, the launch of these ETFs could further institutionalize Solana’s market presence [1].

Market anticipation for the Solana ETF approval is reflected in the emergence of a binary prediction market on Polymarket, which resolves to “Yes” if any spot Solana ETF receives SEC approval by July 31, 2025 [2]. This highlights the sector’s expectation for regulatory clarity and the potential impact of such a decision on broader market sentiment.

The recent passage of the GENIUS Act in the U.S. has further fueled optimism in the crypto sector, particularly for protocols like Solana that offer scalable and institutional-grade infrastructure [4]. As key players like Grayscale and VanEck continue to advance their Solana ETF proposals, the industry awaits a pivotal regulatory decision that could shape the future of digital asset investing in the U.S.

Source:

[1] Solana ETFs edge closer to approval as Grayscale and VanEck reveal fund fees (https://www.mitrade.com/insights/news/live-news/article-3-1003409-20250801)

[2] Solana ETF approved by July 31? (https://polymarket.com/event/solana-etf-approved-by-july-31-2025)

[4] Bitcoin Hits $123K as U.S. Passes GENIUS Act (https://blog.amberdata.io/bitcoin-hits-123k-as-u.s.-passes-genius-act)

[5] Ethereum Price Today: ETH is trading at $3803 (https://www.forbes.com/advisor/investing/cryptocurrency/ethereum-price-today/)