Solana ETF Race Heats Up as Grayscale Joins Bitwise on Wall Street

Grayscale Investments launched its Solana Trust ETF on NYSE Arca on Tuesday, becoming the first of the firm’s staking products to uplist under new SEC-approved generic listing ￰0￱ move intensifies competition in the nascent Solana ETF market, where Bitwise’s debut product already captured $69.5 million in first-day ￰1￱ launch expands Grayscale’s digital asset lineup beyond Bitcoin and Ethereum , offering investors exposure to Solana’s proof-of-stake blockchain through a familiar exchange-traded ￰2￱ now joins Bitwise’s BSOL and Rex-Osprey’s SSK as the third Solana ETF trading on ￰3￱ Enters With Staking-Enabled Structure GSOL carries a 0.35% expense ratio and holds 525,387 SOL tokens, with 74.89% currently staked to generate network ￰4￱ intends to pass on 77% of all staking rewards to investors on a net basis, potentially adding 5-6% annual returns based on historical Solana staking yields of 6-8%.

Introducing Grayscale Solana Trust ETF (Ticker: $GSOL ), offering investors exposure to @Solana $SOL , one of the fastest-growing digital assets. $GSOL features: Convenient Solana exposure paired with staking ￰5￱ to a high-speed, low-cost blockchain.… ￰6￱ — Grayscale (@Grayscale) October 29, 2025 The fund first launched as a private trust in 2021, was listed on OTCQX in 2023, and began staking in October ￰7￱ Kang, Senior Vice President of ETFs at Grayscale, framed the launch as evidence that digital assets belong in “ modern portfolios ” alongside traditional equities and ￰8￱ Smith, President of Solana Policy Institute, also noted that staking ETPs 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 product is not registered under the Investment Company Act of 1940, meaning it lacks the regulatory protections of traditional ETFs and mutual ￰9￱ emphasized that GSOL represents indirect exposure to Solana and carries significant risks, including the potential loss of ￰10￱ Dominates Early Solana ETF Flows Bitwise’s Solana ETF captured $69.5 million on its October 28 debut , nearly six times the $12 million raised by Rex-Osprey’s competing ￰11￱ stakes 100% of its held SOL tokens in-house to deliver Solana’s full network yield to investors, charging a 0.20% management fee that has been waived for the first three ￰12￱ Hougan, Bitwise’s Chief Investment Officer, attributed institutional enthusiasm to Solana’s on-chain revenue leadership.

“Institutional investors love ETFs, and they love revenue,” he ￰13￱ investors love ETFs, and they love ￰14￱ has the most revenue of any blockchain. Therefore, institutional investors love Solana ETFs. I have a feeling the Bitwise Solana Staking ETF, $BSOL , is gonna be ￰15￱ material must be accompanied by a… — Matt Hougan (@Matt_Hougan) October 28, 2025 Rex-Osprey’s SSK takes a different approach, holding 54% in direct Solana, 43.5% in a Swiss-listed CoinShares ETP, and the remainder in JitoSOL and cash, with monthly staking rewards classified as return of capital for tax ￰16￱ positive sentiment around ETFs, the market remains cautious about near-term price ￰17￱ on Polymarket give Solana just a 28% chance of reaching a new all-time high before 2026, with SOL trading at $200 today, up nearly 1% over 24 hours.) October 28, 2025 Recently, Bloomberg analyst Eric Balchunas also confirmed that the SEC is expected to approve the first Hedera and Litecoin ETFs , with listing notices for Canary’s HBAR and LTC products scheduled for October 28.