Grayscale Investments has introduced its staking-enabled Solana spot exchange-traded fund (ETF), broadening institutional access to Solana investments.
As per a Wednesday announcement, the Grayscale Solana Trust ETF is now traded under the GSOL ticker on the NYSE Arca platform. This product features staking capabilities, enabling investors to earn rewards via Solana’s proof-of-stake (PoS) network.
Grayscale’s senior vice president of ETFs, Inkoo Kang, remarked that this new offering “expands investor choice.” The firm has become one of the largest Solana (SOL) exchange-traded product (ETP) managers in the U.S. in terms of assets under management.
This launch follows the introduction of Bitwise’s staking Solana ETF on Tuesday, which debuted with $222.9 million in assets. Grayscale started with a seed amount of $102.7 million, significantly lower than Bitwise.
Related: What could the SOL price reach with the first Solana ETF now live?
Significant Inflows into Solana ETFs
According to Farside Investors, the U.S. Solana ETF market currently consists of just two products: those from Bitwise and Grayscale. Combined, they brought in $325.6 million in seed capital, with Bitwise receiving $69.5 million in inflows on its first trading day.
Earlier this week, Ryan Lee, chief analyst at Bitget exchange, predicted that following the ETF’s launch, “Solana could attract between $3–$6 billion in its first year.” He views the approval as a “transformative” event.
Related: Analyst insights on upcoming Solana, Litecoin, Hedera ETFs launching Tuesday
Both Bitwise and Grayscale ETFs offer staking. Kristin Smith, President of the Solana Policy Institute, stated that “through staking in these products, investors not only gain exposure – they also contribute to securing the network, fostering developer innovation, and earning rewards.”
In essence, the Solana assets held for the ETFs are utilized to secure the proof-of-stake (PoS) network via staking. While this involves some risk, it rewards holders, with Grayscale redistributing 77% of all staking rewards to investors. Bitwise, however, retains 28% of the staking rewards and allocates 72% to investors.
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