Grayscale Solana ETF (GSOL) is a proposed spot Solana ETF offering native staking with a 0.35% annual management fee paid in SOL; the Form S‑1 increases staking risk disclosure and the listing is pending SEC approval, currently delayed by the U.S. federal government shutdown.
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0.35% fee paid in SOL
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Filing expands staking risk language and warns validators may face losses.
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Regulatory timing is uncertain due to the U.S. federal government shutdown; competitors offer lower fees.
Grayscale Solana ETF (GSOL) proposes native staking with a 0.35% SOL fee; read key takeaways and fee comparison for investors considering staking-enabled Solana exposure.
Published: 2025-10-10 · Updated: 2025-10-10 · Author: COINOTAG
What is the Grayscale Solana ETF (GSOL)?
Grayscale Solana ETF is a proposed spot Solana exchange-traded fund (ticker GSOL) that would provide native staking exposure and charge a 0.35% annual management fee payable in SOL. The Form S‑1 filing broadens staking risk disclosures and the listing awaits SEC approval, currently affected by a U.S. government shutdown.
How does Grayscale propose to collect fees and provide staking?
Grayscale proposes a 0.35% management fee that the trust would generally collect in SOL. The filing notes fees may be temporarily waived, but no waiver is planned at filing. The trust already enables staking exposure via a Solana Trust structure for brokerage accounts; GSOL would extend native staking access if listed.
Why does the filing emphasize staking risks?
Grayscale revised risk language to highlight that validators can incur losses and that reduced staking incentives could weaken network security. The filing warns staking may become less attractive to validators, potentially increasing protocol risk and affecting GSOL performance.
What operational and structural parties support GSOL?
Key providers named in the filing include Davis Polk & Wardwell as tax counsel, KPMG and Marcum as consenting accountants, Foreside Fund Services for marketing, and custody arrangements with Coinbase Custody and Anchorage Digital Bank. These parties are listed in the Form S‑1 as supporting roles.
When could GSOL list and what is delaying approval?
GSOL cannot trade until the SEC approves a listing application and an exchange listing is final. The filing notes the process is subject to regulatory timing and is currently delayed by the U.S. federal government shutdown affecting SEC operations and processing timelines.
How does GSOL’s fee compare to competitors?
Fee competition is material in staking-enabled Solana ETFs. Bitwise launched a competing BSOL product with a 0.20% fee and a temporary fee waiver for three months or until $1 billion AUM, applying downward pressure on pricing.
| Issuer | Ticker | Management Fee | Fee Waiver |
|---|---|---|---|
| Grayscale | GSOL | 0.35% (paid in SOL) | No waiver planned at filing |
| Bitwise | BSOL | 0.20% | Waived 3 months or until $1B AUM |
Frequently Asked Questions
What does the Form S‑1 for GSOL disclose about staking?
The Form S‑1 explicitly warns that staking operations may result in validator losses, reduced incentives, and potential degradation of network security. It highlights the operational and market risks associated with staking activity.
Can investors receive staking rewards through GSOL?
If the SEC approves GSOL, investors would gain exposure to Solana plus staking rewards via the ETF structure. Until approval and listing occur, investors cannot trade GSOL shares on an exchange.
Does Grayscale plan to waive the management fee?
Grayscale’s filing states the trust generally will collect the 0.35% fee but reserves discretion to waive fees temporarily; no waiver is planned in the current filing.
Key Takeaways
- Fee structure: Grayscale proposes a 0.35% management fee payable in SOL, higher than some rivals.
- Staking risk: The S‑1 expands disclosures about validator losses and network incentive risks.
- Regulatory timing: SEC approval is pending and affected by the U.S. federal government shutdown; listing remains uncertain.
Conclusion
The Grayscale Solana ETF (GSOL) filing advances the market for spot Solana ETFs with native staking, but it emphasizes staking-related risks and carries a 0.35% SOL-denominated fee. Investors should weigh fee differentials and staking risk disclosures while monitoring SEC timing and competitor pricing. COINOTAG will update this story as filings and regulator actions evolve.
