Solana News Today: As SEC Delays Loom, Grayscale and Rivals Race to Launch Staking ETFs

Grayscale Investments has submitted an application for a Solana spot exchange-traded product (ETP) with staking capabilities, marking a significant development in the U.S. crypto investment landscape. The firm announced on October 6, 2025, that its Grayscale Solana Trust (GSOL) has activated staking, pending regulatory approval to uplist as an exchange-traded product. If approved, GSOL would become one of the first U.S.-listed Solana ETPs with staking, enabling investors to access staking rewards through traditional brokerage accounts . The application was filed under Registration No. 333-278880, with the SEC now holding a final decision until October 10, 2025, due to procedural delays .

The proposed Solana ETPs reflect a broader industry push to integrate staking features into crypto investment vehicles. Bitwise Asset Management updated its Solana ETF filing to explicitly include "Staking" in the fund name and disclosed a 0.20% sponsor fee, one of the lowest for U.S. crypto ETFs. The firm also announced a 0% fee for the first three months and the first $1 billion in assets under management (AUM), a strategy aimed at attracting early adopters . Similarly, VanEck's proposed Solana ETF (VSOL) outlined a 1.5% fee and immediate staking support, with rewards reinvested into the fund's net asset value . These competitive pricing models highlight the aggressive strategies firms are adopting to capture market share in the nascent Solana ETF space.

Grayscale's Solana Trust is structured as a grantor trust and does not fall under the Investment Company Act of 1940. The firm emphasized that staking will be executed through institutional custodians and a diversified network of validator providers, aiming to secure the Solana network while generating yield for investors. Peter Mintzberg, Grayscale's CEO, stated the move aligns with the firm's mission to deliver innovative digital asset solutions, leveraging its position as the largest digital asset-focused ETF issuer by AUM . Meanwhile, Bitwise and Canary Capital amended their S-1 filings to include staking language, with the latter confirming that Solana tokens will be held in "Trust Staking Accounts" to enable passive income generation .

Market sentiment for Solana ETFs remains bullish, driven by strong investor inflows and institutional interest. CoinShares reported over $750 million in inflows into Solana-related investment products in the week ending October 6, 2025, bringing year-to-date inflows to $2.5 billion. This momentum coincides with heightened speculation about SEC approvals, with Polymarket traders assigning a 99% probability of a Solana ETF launch by December 31, 2025 . Analysts like Nate Geraci of ETF Trends noted that October 2025 is a "significant month" for digital asset products, with multiple filings from Franklin Templeton, Fidelity, and Invesco Galaxy advancing through regulatory review .

The SEC's delayed decision process, exacerbated by a government shutdown affecting staffing levels, has created uncertainty around launch timelines. While the agency's 240-day review clock for Solana ETFs began with Cboe's initial filing, S-1 effectiveness remains a prerequisite for trading. Bitwise's strategic pricing and staking emphasis, coupled with Grayscale's institutional infrastructure, position both firms to capitalize on regulatory clarity once the SEC clears the backlog . The outcome will likely influence broader adoption of staking features in Ethereum ETFs, as industry stakeholders continue advocating for yield-generating structures .

Source: [1] FWP - SEC.gov (https://www.sec.gov/Archives/edgar/data/1725210/000119312525231048/press_release_10.6.2025.htm)

[2] Solana Staking ETF Moves Closer To SEC Approval After Key Filing (https://www.bitcoininsider.org/article/289324/solana-staking-etf-moves-closer-sec-approval-after-key-filing)

[3] Solana ETF Approvals Could Arrive by Mid-October, Says Analyst (https://finance.yahoo.com/news/solana-etf-approvals-could-arrive-113100782.html)

[4] US SEC Delays Grayscale Solana ETF Decision Until October 2025 (https://themarketperiodical.com/2025/07/30/us-sec-delays-grayscale-solana-etf-decision-until-october-2025/)

[5] Solana ETFs Near Launch as Issuers Update S-1s With Staking ... (https://moneycheck.com/solana-etf-near-launch-as-issuers-update-s-1s-with-staking-features/)

[6] Solana ETF Issuers Amend S-1 Forms Following SEC's ... (https://coingape.com/solana-etf-issuers-amend-s-1-forms-following-secs-directive/)