VanEck’s Solana ETF goes live on Nasdaq as SOL battles decline

Key Takeaways

What are the key differences between VanEck’s VSOL and Grayscale’s GSOL?

VanEck’s VSOL charges a 0.30% fee (waived for three months) and launched with $10 million in seed capital, while Grayscale’s GSOL charges 0.35%.

How has Solana performed since the ETF launch?

Solana is down 26% over the past month from its January 2025 high of $268.86. 

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VanEck launched its Solana ETF on Monday, 17 November, adding another institutional gateway to the fifth-largest cryptocurrency by market cap. 

The VanEck Solana ETF [VSOL] began trading on Nasdaq following regulatory approval under new SEC standards.

The product enters a market shaped by Grayscale’s early success. Grayscale’s Solana Trust ETF [GSOL] launched in October, setting a record for the highest first-day inflow of the year.

VSOL launches with competitive fee structure

VanEck seeded VSOL with $10 million, according to its prospectus, purchasing 400,000 shares representing 51,656 SOL tokens at $193.59 each on 29 October. 

The ETF charges a 0.30% unified fee but waives this cost for three months on the first $1 billion in assets.

The fund uses the MarketVector Solana Benchmark Rate for daily pricing. State Street Bank serves as administrator, while Gemini Trust Company and Coinbase Custody handle custody duties.

VSOL plans to stake a portion of its holdings through third-party providers. The initial staking provider waived its fees, though the fund may incur custodian facilitation charges. 

Investors will receive staking rewards reflected in the fund’s net asset value.

GSOL sets early performance benchmark

Grayscale’s GSOL established the initial baseline for U.S. Solana ETFs. The fund launched on NYSE Arca on 28 October. 

Data from SoSoValue shows GSOL holds $541.31 million in net assets as of 17 November. The fund recorded $12.04 million in daily net inflows on its most recent trading day.

Early momentum proved strong. GSOL attracted $69 million on launch day, followed by $47 million the next session.

Inflows peaked at $70 million on 3 November before tapering to single-digit millions through mid-November.

The fund charges a 0.35% management fee but recently adjusted its structure. 

Starting 5 November, Grayscale reduced its staking fee to 5% until the fund reaches $1 billion or 5 February 2026. The firm passes 77% of staking rewards to investors on a net basis.

Solana faces headwinds despite ETF growth

Solana trades around $137 as of this writing, marking a decline of over 20% in the past 30 days. The token hit its 2025 high of $268.86 in January before entering a prolonged correction phase.

Technical indicators point to continued pressure. Analysis indicates that the $135-$140 range serves as critical support, absorbing selling pressure since October. 

A break below this zone could accelerate losses toward $120-$125, while reclaiming $150 would signal weakening bearish momentum.

Analysts projected Solana ETFs could attract $3 billion in cumulative inflows within their first year. Current market conditions test these projections. 

The over 20% monthly price decline coincides with VSOL’s debut, creating a challenging environment for new institutional products.