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The latest Solana ETF launch on Nasdaq expands institutional access to the network even as SOL trades under pressure after its January 2025 peak.
Summary
How does VanEck’s VSOL stack up against Grayscale’s GSOL?
VanEck brought its new fund to market on Monday, 17 November, with the VanEck Solana ETF (VSOL) beginning trade on Nasdaq under recently updated SEC rules. The vehicle offers another regulated gateway to the fifth-largest cryptocurrency by market capitalization, targeting investors seeking direct exposure to SOL without self-custody.
The product enters a landscape already shaped by Grayscale. Its Solana Trust ETF (GSOL) converted and listed on NYSE Arca in October, where it quickly set the year’s record for first-day inflows. This early lead has turned GSOL into the initial performance benchmark for U.S.-listed Solana products.
VSOL launched with a $10 million seed basket, according to the prospectus. On 29 October, the issuer purchased 400,000 shares representing 51,656 SOL at $193.59 each, establishing the initial portfolio. The fund charges a unified 0.30% fee, although VanEck has waived this for the first three months on the initial $1 billion in assets.
By comparison, Grayscale’s GSOL currently applies a 0.35% management fee. However, the firm recently adjusted its economics to sharpen its position. Starting 5 November, Grayscale cut its staking fee to 5% until GSOL reaches $1 billion in assets or 5 February 2026, while passing through 77% of net staking rewards to investors.
What structure supports VSOL’s pricing and custody?
For valuation, VSOL tracks the MarketVector Solana Benchmark Rate, which is designed as a robust USD reference rate for SOL. More details on the index methodology are available from MarketVector’s benchmark page. This framework aims to mitigate anomalies from individual trading venues.
Operationally, State Street Bank serves as fund administrator, while Gemini Trust Company and Coinbase Custody manage on-chain assets. Moreover, VSOL intends to stake a portion of its holdings via third-party validators to capture network yields. The initial staking provider has waived its own fee, though the ETF may still owe facilitation charges to its custodians.
These on-chain earnings will not be distributed as cash. Instead, investors will see staking rewards reflected in the fund’s net asset value over time. That said, actual returns will depend on Solana network performance, validator uptime, and any changes in governance around inflation and rewards.
How has GSOL performed since its October debut?
Grayscale’s GSOL has quickly established scale, helping define early Solana ETF inflows expectations. The fund listed on NYSE Arca on 28 October. According to SoSoValue data cited by market reports, GSOL held $541.31 million in net assets as of 17 November and posted $12.04 million in net inflows on its most recent trading day.
Launch momentum was particularly strong. GSOL attracted $69 million on day one, followed by another $47 million during its second session. Inflows then peaked at $70 million on 3 November before moderating to single-digit million figures through mid-November as broader crypto volatility rose.
This early track record gives GSOL a clear head start over VSOL in assets and trading history. However, VanEck’s lower fee, temporary waiver, and emphasis on on-chain yield could appeal to cost-sensitive institutions as the U.S. crypto Solana ETF segment matures.
What is Solana’s price action telling ETF investors?
VSOL’s arrival coincides with a sharp pullback in the underlying token. Solana changes hands near $137 at press time, down more than 20% over the past 30 days. The asset reached its 2025 high of $268.86 in January before sliding into a prolonged corrective phase that has tested bullish conviction.
Technicians highlight the $135–$140 band as critical support that has absorbed selling pressure since October. A decisive break below this zone could open the door toward $120–$125, extending the correction. Conversely, a sustained move back above $150 would signal fading bearish momentum and potentially draw fresh flows into Solana-linked funds.
Despite the current drawdown, analysts had projected that U.S.-listed vehicles tied to SOL could attract as much as $3 billion in combined inflows during their first year. Current market conditions now challenge these forecasts. Yet, as institutional allocators deepen their due diligence, products like VSOL and GSOL may still benefit from longer-term portfolio rotation.
Do ETFs change the Solana market outlook?
The emergence of multiple issuers, including VanEck and Grayscale, marks a structural shift in how traditional investors can access the Solana ecosystem. Moreover, the integration of staking rewards into fund NAVs introduces a yield component that differentiates these products from many earlier crypto vehicles.
However, performance will ultimately hinge on underlying Solana price analysis, network activity, and macro risk appetite. The more than 20% monthly decline that accompanied VSOL’s debut underscores the volatility that still defines this asset class, even as regulated wrappers proliferate across U.S. exchanges.
In summary, the VanEck Solana ETF and Grayscale’s GSOL have created a two-issuer core for U.S. exposure to SOL, pairing institutional-grade custody with on-chain economics. Their fee structures, staking policies, and ability to navigate market drawdowns will likely determine which vehicle becomes the long-term reference point for the Solana ETF market.