Bitwise Isn’t Alone: Grayscale Brings Its Solana Staking ETF to U.S. Investors
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Grayscale Investments has officially entered the Solana ETF market with its staking-enabled Solana Trust ETF (GSOL), trading on NYSE Arca and backed by $103 million in seed capital.
The move makes Grayscale the second U.S.-based provider offering institutional investors a way to earn staking rewards while gaining exposure to Solana.
The product allows investors to participate in Solana’s proof-of-stake network, earning rewards automatically through staking. Inkoo Kang, Grayscale’s Senior Vice President of ETFs, emphasized that GSOL “expands investor choice” while positioning the company as one of the largest U.S. managers of Solana-based exchange-traded products by assets under management.
The launch comes just days after Bitwise debuted its own Solana staking ETF with $222.9 million in assets, highlighting the growing competition in this nascent sector. Together, Bitwise and Grayscale brought in over $325 million in seed capital, with Bitwise receiving an additional $69.5 million in first-day inflows.
Analysts view the ETF launches as potentially transformative for Solana’s adoption. Ryan Lee, chief analyst at Bitget, projected that Solana could attract $3–$6 billion in inflows during its first year, signaling strong institutional interest.
Beyond financial exposure, staking ETFs also contribute to the security and operation of Solana’s PoS network. Investors earn a share of staking rewards while supporting network infrastructure and innovation. Grayscale redistributes 77% of staking rewards to investors, whereas Bitwise distributes 72%, retaining the remainder for operational purposes.
By combining the simplicity of a traditional ETF with staking rewards, both Grayscale and Bitwise aim to make Solana accessible to mainstream investors while encouraging active participation in network security — a model that could set a precedent for future proof-of-stake ETFs.
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