VanEck has introduced the U.S.’s third exchange-traded fund (ETF) focused on Solana staking, signaling growing momentum for altcoin-linked funds.
The VanEck Solana ETF (VSOL) went live on Monday, joining similar offerings from Bitwise and Grayscale, which debuted in late October and have collectively attracted over $380 million in inflows. Like its predecessors, VSOL provides staking yields, allowing Solana to be locked on the blockchain to earn rewards. To stay competitive, VanEck has waived its 0.3% management fee until February 17—or until the fund reaches $1 billion in assets.
The surge in crypto ETFs follows a September update by the Securities and Exchange Commission (SEC), which streamlined listing standards and allows faster approvals without a case-by-case assessment. Bloomberg ETF analyst Eric Balchunas noted that Fidelity’s Solana ETF (FSOL) is expected to launch on Tuesday, joining three existing funds that charge a 0.25% fee. “Easily the biggest asset manager in this category, with BlackRock sitting out,” he said.
Dogecoin ETF Could Arrive Monday
Balchunas also anticipates a Dogecoin ETF from Grayscale could debut as early as November 24. The launch timeline is based on an amended regulatory filing earlier this month, which began a 20-day window for the fund to go live if the SEC does not respond.
The Grayscale Dogecoin Trust (DOGE) would be converted from its existing fund and listed on the New York Stock Exchange, pending official exchange approval. “We won’t know 100% until the exchange files the notice, but based on SEC guidance, it looks promising,” Balchunas added.
If Grayscale’s fund launches next week, it will become the first U.S. Dogecoin ETF able to directly hold the cryptocurrency.
Earlier, REX Shares and Osprey Funds jointly introduced a DOGE ETF in mid-September, but under the Investment Company Act of 1940, the fund can only invest through a wholly owned offshore subsidiary that holds the coins.
Bitwise could also launch its spot Dogecoin ETF late next week. A regulatory filing update on November 6 triggered a 20-day launch window, which will proceed unless the SEC steps in.
