Grayscale Investments has officially launched its staking-enabled Solana (SOL) exchange-traded fund (ETF) on the New York Stock Exchange (NYSE) Arca, joining the growing competition among U.S. asset managers racing to capture institutional demand for Solana.

The product, listed under the ticker GSOL, allows investors to gain direct exposure to Solana while earning staking rewards from the network’s proof-of-stake (PoS) consensus system. According to Grayscale’s announcement on Wednesday, the ETF debuted with $102.7 million in seed capital, making it one of the most substantial initial launches of a Solana-linked investment vehicle to date.

Earlier coverage: Hong Kong Approves First Spot Solana ETF — Beating the U.S. to the Punch

“We’re expanding investor choice and deepening access to the Solana ecosystem through a regulated and institutionally managed product,” said Inkoo Kang, Grayscale’s senior vice president of ETFs. The company added that the fund combines exposure to one of the fastest-growing blockchain networks with the yield potential of staking — while offering transparency, liquidity, and custodial security under U.S. regulations.

Grayscale vs. Bitwise: The battle for Solana ETF dominance

Grayscale’s launch comes just 24 hours after Bitwise Asset Management introduced its own staking-enabled Bitwise Solana ETF, which debuted with $222.9 million in assets under management (AUM). Together, the two funds have brought over $325 million in combined seed capital into the Solana ETF market — signaling intense institutional interest in the layer-1 blockchain.

According to data from Farside Investors, Bitwise’s ETF recorded $69.5 million in net inflows on its first day of trading, while Grayscale’s debut is expected to see substantial participation as investors diversify beyond Bitcoin and Ethereum exposure.

Industry analysts view this as a watershed moment for Solana’s institutional adoption. “Solana could attract between $3–$6 billion in ETF inflows in its first year,” predicted Ryan Lee, chief analyst at Bitget Exchange, calling the approval “transformative for the network’s liquidity and legitimacy.”

Staking brings yield — and new risk

Both ETFs integrate staking rewards, a feature that sets them apart from traditional passive crypto funds. By staking the SOL held in the ETF, the asset managers contribute to securing the Solana network while generating additional yield.

However, the two issuers differ in their reward distribution models.

  • Grayscale redistributes 77% of all staking rewards to investors.
  • Bitwise, meanwhile, passes 72% to holders and retains the rest to cover operational costs.

“Through staking, investors aren’t just gaining exposure — they’re helping secure the Solana network and driving innovation across the ecosystem,” said Kristin Smith, president of the Solana Policy Institute.

While staking introduces potential risks related to validator performance and network uptime, both issuers emphasize that rewards and underlying tokens are fully auditable and transparently managed under their respective custodians.

A pivotal moment for Solana

The back-to-back launches of Bitwise and Grayscale’s Solana ETFs underscore growing confidence in Solana’s scalability, throughput, and institutional appeal. Solana’s unique blend of low transaction fees, fast settlement times, and vibrant developer activity has made it one of the strongest contenders in the race to challenge Ethereum’s dominance in smart contracts and decentralized finance.

With two major U.S. firms now offering regulated Solana ETFs — and both featuring staking — the asset is entering a new phase of mainstream financial recognition.