TL;DR:
- Grayscale & VanEck filed amended S-1s for Solana ETFs: GSOL (2.5% payment, money mannequin) and VSOL (1.5% payment, staking enabled).
- SOL CME futures quantity surged 252% to $8.1B in July, signaling institutional demand and easing ETF approval pathways.
- VanEck’s staking function is a US ETF first; REX-Osprey’s ’40 Act ETF affords different SOL publicity with staking.
The race for U.S. Solana ETFs accelerated dramatically this week as asset managers Grayscale and VanEck filed amended S-1 paperwork with the SEC, revealing crucial operational particulars that sign imminent regulatory approval. These filings define fund buildings, charges, custodians, and staking mechanisms. The event follows explosive development in Solana CME futures, the place July buying and selling quantity surged 252% to $8.1 billion amid hovering institutional demand for SOL’s high-speed blockchain ecosystem.
Grayscale’s Premium-Priced GSOL
Grayscale’s Solana Belief ETF (ticker: GSOL) will checklist on NYSE Arca with a 2.5% annual sponsor payment, larger than conventional ETFs however aligned with its crypto merchandise. In contrast to spot Bitcoin ETFs, it can function by way of a cash-creation mannequin the place licensed members use {dollars} (not in-kind SOL) for share transactions.
Coinbase Custody will shield property, whereas CoinDesk’s SL50 Index affords clear pricing. Notably, staking is excluded at launch, although Grayscale’s submitting hints at future implementation underneath undisclosed “Staking Situations.”
VanEck’s Staking-First Benefit
VanEck’s Solana Belief (VSOL) goals at Cboe BZX with a aggressive 1.5% payment, which is 40% decrease than Grayscale’s. Its landmark function: speedy SOL staking rewards, a primary for U.S. crypto ETFs. Validators face rigorous choice based mostly on efficiency historical past and safety audits. Whereas launching with conventional staking, VanEck plans to combine liquid staking tokens (LSTs) as soon as laws are clarified.
Gemini and Coinbase will share custody duties, enhancing safety for this yield-generating construction geared toward cost-conscious establishments and retail merchants.
CME Futures Surge Indicators Approval Readiness
Solana futures on CME Group noticed record-breaking momentum in July, quantity tripled to $8.1B, whereas open curiosity hit $400.9M (+203%). This explosive development in regulated derivatives, coupled with micro (25 SOL) and normal (500 SOL) contracts, creates a vital ETF approval pathway.
“One sizable step nearer to an SOL ETF,” declared VanEck’s Matthew Sigel, noting futures sometimes precede spot ETF greenlights. Although nonetheless dwarfed by Bitcoin’s $275.3B July futures quantity, SOL’s $90.5B market cap reveals accelerating institutional adoption.
Different Pathways Emerge
Past normal ’33 Act filings, REX-Osprey’s SOL + Staking ETF (SSK) launched July 2 underneath the ’40 Act, already holding staked SOL and LSTs. Whereas structurally distinct from VanEck/Grayscale proposals, its existence pressures regulators and demonstrates inventive workarounds. “ETF itemizing will increase futures exercise as market makers hedge positions,” famous Presto’s Peter Chung.
