Cryptocurrency asset manager Grayscale Investments has launched its staking-enabled Solana spot exchange-traded fund (ETF), expanding institutional access to Solana exposure.
According to an announcement, the Grayscale Solana Trust ETF began trading under the GSOL ticker on the New York Stock Exchange Arca platform. The product includes staking functionality, allowing investors to earn rewards through Solana’s proof-of-stake (PoS) network.
Grayscale’s senior vice president of ETFs, Inkoo Kang, stated that the new product is “expanding investor choice.” The firm indicated that it is now among the largest Solana (SOL) exchange-traded product (ETP) managers in the United States by assets under management.
This launch follows the debut of Bitwise’s staking Solana ETF on Tuesday, which commenced with $222.9 million of assets under management. Grayscale’s ETF launched with a seed of $102.7 million, which is less than half of Bitwise’s initial funding.
Solana ETFs Attract Significant Inflows
Data from Farside Investors indicates that the U.S. Solana ETF market currently comprises only two products: those from Bitwise and Grayscale. Collectively, these ETFs introduced $325.6 million in seed capital. On its first day of trading, Bitwise added $69.5 million in inflows.
Earlier this week, Bitget exchange’s chief analyst Ryan Lee predicted that following the ETF launch, “Solana could attract between $3–$6 billion in its first year.” He characterized the approval as a “transformative” milestone.
Both the Bitwise and Grayscale ETFs feature staking capabilities. Solana Policy Institute president Kristin Smith explained that “through staking in these products, investors aren’t just gaining exposure – they also have the opportunity to help secure the network, accelerate innovation for developers, and earn rewards.”
Essentially, the Solana held by these ETFs is utilized to secure the proof-of-stake (PoS) network through staking. This process involves a certain level of risk, but in return, it compensates holders with rewards. Grayscale redistributes 77% of all staking rewards to investors. In contrast, Bitwise retains 28% of the staking rewards and distributes the remaining 72% to investors.