TLDR
- VanEck introduces the third US Solana staking ETF, VSOL, alongside Bitwise and Grayscale.
- VSOL is offering strike rewards and waiving the 0.3% management fee until February 17 or $1 billion in assets.
- Fidelity’s Solana ETF (FSOL) is about to launch, further increasing competition in the Solana ETF market.
- Grayscale’s Dogecoin ETF could debut on November 24, making it the first US ETF to directly own DOGE.
- Changes to SEC rules have streamlined the approval process for new crypto products, creating more altcoin ETFs.
VanEck does introduced the third US exchange-traded fund (ETF) focused on staking Solana, joining Bitwise and Grayscale. The move marks an important step in the rising popularity of altcoin-linked ETFs as crypto products increasingly attract investor attention.
New competition in the Solana ETF market
VanEck’s Solana ETF, called VSOL, launched on Monday and offers staking rewards to investors who hold Solana tokens in the fund. This feature puts it in line with competitors like Bitwise and Grayscale, both of which introduced similar Solana staking ETFs in late October. Since their debut, these funds have amassed more than $380 million in assets.
In an effort to gain more market share, VanEck has waived the 0.3% management fee on the VSOL fund until Feb. 17 or until it reaches $1 billion in assets. This temporary fee structure is intended to attract new investors and stand out in an increasingly competitive space.
The launch of VanEck’s Solana ETF comes amid a broader trend of altcoin ETFs gaining momentum. Fidelity, a major player in asset management, will release its own Solana ETF (FSOL) on Tuesday. FSOL will enter a growing field where most funds charge management fees of around 0.25%. Meanwhile, BlackRock remains absent from the Solana ETF race.
Dogecoin ETFs on the horizon
Altcoin-focused ETFs are not limited to Solana. A Dogecoin ETF from Grayscale could launch as early as November 24. This product, a conversion of the existing Grayscale Dogecoin Trust, would trade on the New York Stock Exchange pending approval. When it goes live, it will be the first US ETF to directly own Dogecoin.
Additionally, Bitwise is also eyeing a potential Dogecoin ETF launch, with filings pointing to a late November debut. The growing interest in altcoin ETFs reflects the broader shift in the cryptocurrency market as investors seek to diversify beyond Bitcoin and Ethereum. With the SEC’s rule changes making it easier for new crypto products to enter the market, more products are expected to follow suit in the coming months.
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