VanEck has launched the third exchange-traded fund (ETF) in the U.S. with Solana staking capabilities, as more funds linked to altcoins are set to enter the market.
The VanEck Solana ETF (VSOL) was launched on Monday, joining similar funds from Bitwise and Grayscale that were introduced in late October, which have collectively attracted over $380 million in inflows.
Like the ETFs from Bitwise and Grayscale, VSOL offers staking rewards, which involve locking Solana (SOL) on the blockchain to earn rewards. To compete, the fund has also waived the 0.3% fee until February 17 or until assets reach $1 billion.
Since the U.S. Securities and Exchange Commission (SEC) amended listing standards in September, asset management companies have been launching cryptocurrency ETFs in large numbers, with the new standards allowing for faster approvals without the need to evaluate each fund individually.
Bloomberg ETF analyst Eric Balchunas stated on Monday that the Fidelity Solana ETF (FSOL) will launch on Tuesday, competing with the existing three funds that charge a 0.25% fee.
"In the absence of BlackRock, this is undoubtedly the largest asset manager in this category," he added.
Balchunas indicated that he expects Grayscale's Dogecoin (DOGE) ETF to launch on November 24, based on regulatory filings revised earlier this month, which initiated a 20-day period during which the fund can launch if the SEC does not respond.
The Grayscale Dogecoin Trust (DOGE) is a conversion from its existing fund and will trade on the New York Stock Exchange, which still needs to submit a listing application.
"We'll see; we won't be 100% certain until the exchange notifies us, but based on SEC guidance, it looks promising," Balchunas added.
If Grayscale's fund launches next week, it will become the first Dogecoin ETF in the U.S. that can directly hold the meme coin.
Asset issuers REX Shares and Osprey Funds jointly launched a DOGE ETF in mid-September, which is registered under the Investment Company Act of 1940, limiting its investment scope to holding cryptocurrencies only through wholly-owned offshore subsidiaries.
Bitwise's spot Dogecoin ETF may also launch later next week, as the regulatory filings for the product were amended on November 6, triggering a 20-day launch timer unless the SEC intervenes.
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Original article: “VanEck Solana ETF is live, Grayscale DOGE ETF expected as early as next Monday”
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