Grayscale Investments has launched the Grayscale Solana SOL/USD Trust ETF (GSOL), its first staking-enabled product to uplist under the SEC's new ETP listing standards.
What Happened: GSOL offers investors exposure to Solana, though it isn't a direct investment in the token and is not regulated under the Investment Company Act of 1940, meaning it carries higher risk than traditional ETFs.
Originally launched in 2021 and listed on OTCQX in 2023, GSOL began staking in October 2025, with Grayscale set to distribute 77% of all net staking rewards to holders.
Grayscale was among the first to enable staking in a fund maintaining 100% SOL exposure.
The transition to an ETP format broadens access for both retail and institutional investors, providing a new way to participate in Solana's network growth through traditional brokerage accounts.
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Why It Matters: The move positions Grayscale among the largest Solana ETP managers in the U.S., expanding beyond its established Bitcoin BTC/USD and Ethereum ETH/USD offerings.
It also reflects Grayscale's conviction that digital assets are now essential components of diversified portfolios.
Solana continues to demonstrate strong fundamentals, generating around $425 million in monthly fee revenue (over $5 billion annually) and maintaining a reputation for speed, low costs, and developer activity, with new blocks every 400 milliseconds and transaction fees averaging just $0.02.
Altcoin Sherpa notes Solana remains one of the strongest majors, though not yet showing clear outperformance compared to ETH or BNB.
Chart analyst Ali Martinez highlighted 24.5 million SOL accumulated near $189 — a critical support level to watch as traders assess which major could lead the next leg higher.
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