Grayscale Investments has entered the Solana ETF arena with the launch of its Grayscale Solana Trust ETF (GSOL) on the NYSE Arca. Trading commenced today, October 29, 2025, marking Grayscale's first staking product to be listed under the SEC's new generic listing standards. This move positions Grayscale as one of the largest Solana ETP managers in the U.S. by AUM.
GSOL was initially launched in 2021 as a closed-end vehicle, offering exposure through traditional brokerage accounts, and began staking this month. It was listed on OTCQX in 2023 before converting to an ETF. The fund is designed to capture the growth potential of Solana, a blockchain known for its high performance, low cost, and user-friendliness. As an exchange-traded product (ETP), GSOL is not registered under the Investment Company Act of 1940 and therefore is not subject to the same regulations and protections as 40 Act-registered ETFs and mutual funds.
The launch of GSOL follows Bitwise's debut of its Solana Staking ETF (BSOL) on the NYSE on October 28, 2025. BSOL carries a 0.20% management fee, which is being waived for the first three months on the first $1 billion in assets. The fund aims to stake 100% of its Solana holdings to generate yield from the Solana network, with staking yields currently hovering around 7%. Bitwise is taking an integrated approach by running its own validator, called Bitwise Onchain Solutions, through a partnership with Helius. Unlike some other staking ETFs, BSOL will reinvest the staking rewards back into the fund, allowing them to compound over time and increase the ETF's share price.
These launches signal a growing institutional appetite for cryptocurrency investment products beyond Bitcoin and Ethereum. On its first trading day, Bitwise's Solana Staking ETF attracted $222.8 million in assets. JPMorgan analysts had previously projected that upcoming Solana and XRP ETFs could attract between $3 billion and $8 billion in inflows during their first six months.
According to Grayscale, GSOL delivers exposure to SOL, the native token of the Solana network, including its potential staking rewards. Staking returns are captured in the net asset value (NAV), giving investors the potential to compound over time. Grayscale intends to pass on 77% of all staking rewards that accrue to GSOL investors on a net basis.
In preparation for the NYSE Arca listing, Grayscale made several changes, including reducing the sponsor's fee to 0.35%. The firm also completed an internal corporate reorganization, with Grayscale Investments, Inc. becoming the sole managing member of Grayscale Operating, LLC.
Kristin Smith, President of the Solana Policy Institute, noted that millions of investors can now gain exposure to Solana through SOL staking products like Grayscale's GSOL. She added that staking in these products allows investors to help secure the network, accelerate innovation for developers, and earn rewards on one of the most dynamic assets in modern finance.
The coordinated launches of Solana ETFs by Grayscale and Bitwise mark a significant step for institutional access to crypto. Thomas Uhm, chief commercial officer at Jito, stated that the approvals validate months of operational groundwork. These ETFs provide investors with the opportunity to participate in Solana's future on their own terms.
