Key Notes
- VanEck waives all fees until February 2026, combining 0.30% sponsor and 0.28% staking provider costs for zero-cost exposure.
- Bitwise maintains market dominance with 98% of Solana ETF inflows and cheaper 0.20% permanent management fee structure.
- SOL Strategies operates validator infrastructure with ISO 27001 certification managing over $437 million in staked digital assets.
VanEck launched the VanEck Solana ETF on Nov. 17, 2025, which became the second spot Solana staking exchange-traded product to trade in the US.
The fund trades on Cboe BZX Exchange under the ticker VSOL with a 0.30% sponsor fee waived until Feb. 17, 2026, or until assets reach $1 billion, according to VanEck’s announcement . SOL Strategies also agreed to waive its 0.28% staking provider fee during the same period. Solana SOL $130.5 24h volatility: 4.9% Market cap: $72.27 B Vol. 24h: $7.00 B gained 3.2% following the launch announcement.
VanEck’s Solana ETF, $VSOL , is now live and trading.
Prospectus: pic.twitter.com/SnNaE6YbWv
— VanEck (@vaneck_us) November 17, 2025
Gemini Trust Company serves as the primary custodian and Coinbase Custody Trust Company provides additional custody services, according to the SEC prospectus filed Nov. 16, 2025. State Street Bank and Trust Company handles cash custody and fund administration. Van Eck Associates Corporation provided $10 million in seed funding on Oct. 29, 2025.
SOL Strategies operates the staking infrastructure using its Orangefin validator, which maintains ISO 27001 and SOC 2 certifications, according to the company’s announcement . The firm manages over $437 million in staked assets across its validator network.
Competitive Positioning
VanEck filed the first Solana ETF application with the SEC on June 27, 2024, but Bitwise launched its BSOL product first on Oct. 28, 2025 . The filing chronology establishes the investment manager as first to submit regulatory paperwork while Bitwise secured first-to-market status by three weeks.
The competing Bitwise fund accumulated $497 million in assets and captured approximately 98% of Solana ETF inflows through early November. Options trading launched on Nov. 11, 2025. BSOL charges a 0.20% management fee and stakes 100% of holdings through its Helius validator for net rewards of 7.20%.
BSOL recorded $57 million in day-one trading volume, which narrowly trailed Canary Capital’s XRP ETF at $58 million. Bloomberg analyst Eric Balchunas characterized both launches as exceptional among 900 ETFs that debuted in 2025.
Congrats to $XRPC for $58m in Day One volume, the most of any ETF launched this year (out of 900), BARELY edging out $BSOL 's $57m. The two of them are in league of own tho as 3rd place is over $20m away. pic.twitter.com/MjsOeceeNb
— Eric Balchunas (@EricBalchunas) November 13, 2025
Market Context
The staking-enabled ETF structure builds on regulatory clarity the SEC provided in May 2025 regarding proof-of-stake networks. Grayscale added staking capabilities to its Ethereum ETFs in October and filed to convert its GSOL Trust to ETF structure with staking features.
VanEck manages $171.7 billion in total assets as of Oct. 31, 2025, with $5.2 billion in digital asset solutions globally. The investment manager previously launched HODL Bitcoin ETF and ETHV Ethereum ETF in 2024.
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