- VanEck files first U.S. Solana ETF combining spot exposure with regulated staking rewards.
- The ETF lists on Cboe as VSOL, using Gemini and Coinbase Custody for secure asset management.
- Hybrid design offers yield and liquidity buffer, though SEC review faces delays amid shutdown.
VanEck has filed for a new Solana exchange-traded fund (ETF) that combines spot price exposure with staking rewards. The hybrid structure, a first in the U.S., aims to provide investors with both asset performance and additional yield through regulated staking mechanisms.
VanEck Solana ETF Combines Staking and Price Tracking
According to the SEC filing, the VanEck Solana Trust will seek to mirror Solana’s (SOL) price performance while generating yield through staking. The fund will use third-party staking providers, including SOL Strategies, based on their performance, uptime, and compliance standards.
The ETF will list on the Cboe BZX Exchange under the ticker VSOL. Gemini Trust Company and Coinbase Custody will act as custodians, managing Solana holdings within insured, regulated environments. The ETF’s sponsor fee is set at 0.30%, covering all operational expenses except extraordinary legal or regulatory costs.
VanEck introduced a liquidity risk policy that maintains a 5% buffer to support redemptions in volatile markets. The policy ensures investors can withdraw without delay caused by unbonding, which typically takes two to three days in Solana. The company plans to review the policy annually to preserve market efficiency.
Hybrid Fund Structure and Regulatory Outlook
The Solana ETF will operate as a grantor trust, supporting both cash and in-kind transactions for share creation and redemption. VanEck may consider liquid staking tokens (LSTs) in the future if regulators permit. The firm recently registered a Lido Staked Ethereum Trust in Delaware, showing its continued focus on staking-integrated products.
However, Bloomberg’s James Seyffart noted that the ETF falls under Generic Listing Standards (GLS), meaning there is no fixed approval deadline. He said, “Things are under the GLS now, so there’s no fixed approval timeline.” The ongoing U.S. government shutdown has paused regulatory activity, delaying progress on all crypto ETF applications.
Despite the pause, VanEck’s filing indicates growing institutional interest in hybrid crypto funds that combine price exposure and staking rewards. The proposed structure offers a regulated pathway for investors to access Solana’s yield potential while maintaining compliance within U.S. financial markets.
