Cryptocurrency asset management company Grayscale Investments has launched a Solana spot exchange-traded fund (ETF) that supports staking, expanding the channels for institutional investors to gain exposure to Solana.

According to an announcement on Wednesday, the Grayscale Solana Trust ETF began trading on the NYSE Arca platform under the ticker GSOL. The product includes staking features, allowing investors to earn rewards through Solana's proof-of-stake (PoS) network.

Grayscale ETF Senior Vice President Inkoo Kang stated that the new product is "expanding investor choices." The company noted that it is now among the largest managers of Solana (SOL) exchange-traded products (ETPs) in the U.S. by assets under management.

This launch follows the debut of the Bitwise Staked Solana ETF on Tuesday, which had $222.9 million in assets under management at launch. Grayscale launched with $102.7 million in seed funding, less than half of Bitwise's amount.

According to Farside Investors, the U.S. Solana ETF market currently includes only two products, from Bitwise and Grayscale. Together, they have introduced $325.6 million in seed capital, with Bitwise seeing an influx of $69.5 million on its first trading day.

Earlier this week, Ryan Lee, Chief Analyst at Bitget Exchange, stated that with the launch of the ETF, "Solana could attract between $3 billion to $6 billion in its first year." He described this approval as a "transformative" milestone.

Both Bitwise and Grayscale brand ETFs feature staking capabilities. Kristin Smith, Chair of the Solana Policy Research Institute, stated, "By staking in these products, investors not only gain exposure—they also have the opportunity to help secure the network, accelerate developer innovation, and earn rewards."

In other words, the Solana held by the ETF is staked to secure the proof-of-stake (PoS) network. This involves a certain level of risk, but in exchange, it provides reward compensation to holders, with Grayscale redistributing 77% of the staking rewards to investors. On the other hand, Bitwise retains 28% of the staking rewards and allocates 72% to investors.

Related: Sharplink to deploy $200 million in Ethereum (ETH) on Linea to unlock DeFi yields

Original article: “Grayscale Launches Solana (SOL) ETF, Competing with Bitwise in the Staked ETF Market”

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