Key Insights:
- VanEck launched its Solana ETF (VSOL) on Nasdaq on 17 November, offering a new institutional gateway to SOL price.
- VSOL seeded $10 million, charges a 0.30% fee (waived for three months on the first $1 billion), and plans to stake a portion of holdings.
- Grayscale’s Solana Trust ETF (GSOL) launched in October, setting early inflow records and establishing a baseline for U.S. Solana ETFs.
- Solana trades around $137, down over 20% in the past 30 days, with critical support near $135-$140; a break below could push prices toward $120-$125.
VanEck launched its new Solana ETF (ticker VSOL) on Nasdaq on Monday, Nov. 17, 2025. The fund was seeded with $10 million, acquiring roughly 51,656 SOL at $193.59 each, and began trading under the SEC’s updated crypto rules.
VanEck set a 0.30% sponsor fee for VSOL, but will waive that fee on the first $1 billion of assets through Feb. 17, 2026. After that date, the fee reverts to 0.30% on all assets.
The prospectus also notes VSOL will stake a portion of its holdings to capture Solana network rewards, with an initial staking provider waiving its fee.
VanEck’s Solana ETF Launch and Structure
The new VSOL fund aims to give institutional investors direct exposure to Solana without self-custody. According to VanEck’s filings, the $10 million seed basket was purchased on Oct. 29, 2025.
The Solana ETF charges a unified 0.30% expense ratio, but VanEck will waive that sponsor fee for the first $1 billion in assets during the initial three-month period.
State Street Bank will administer the fund, with Gemini Trust and Coinbase Custody handling crypto assets. VanEck intends to stake some of the fund’s SOL through third-party validators, and the custodian states that staking rewards will accrue to the fund’s NAV.
The staking provider has agreed to waive its fee during the fee-waiver period, potentially boosting initial returns for investors.
Before VSOL’s debut, Grayscale launched the Solana Trust ETF (ticker GSOL) on Oct. 28, 2025, as an NYSE Arca-listed spot Solana fund.
GSOL rapidly accumulated assets: data show it held about $541.3 million in net assets by Nov. 17. That was driven by record inflows, roughly $69 million on day one and $47 million on day two, making GSOL the de facto baseline for U.S.-listed Solana ETFs.
For comparison, GSOL charges a 0.35% management fee, though Grayscale recently cut its staking fee to 5% until the fund reaches $1 billion, passing most staking yield to investors.
The early momentum for GSOL underscores strong initial demand for regulated Solana exposure.
SOL Price Drops amid ETF Rollout
The launch of these Solana ETFs has coincided with a sharp pullback in SOL price. TradingView data show that Solana price was around $135 as of Nov. 18, roughly 27% below its level one month earlier.
The token peaked at $294 in January 2025 and has been correcting since. Market analysts now highlight the $130–$140 range as critical support.
A decisive break below that zone could open the door toward the mid-$120s (about a 10% further drop). Conversely, a sustained move for SOL price back above $150 would signal weakening bearish momentum.
Trading volumes have spiked with volatility, reflecting investor caution.
Despite the pullback, the US Spot Solana ETF is expected to attract interest over time. Some analysts had projected that Solana-linked funds could draw up to $3 billion in combined inflows in their first year.
Whether VSOL and GSOL can meet those expectations will depend on SOL price trajectory. If Solana can reclaim key support and stabilize, the new ETFs will offer a straightforward path for institutions to participate in the Solana ecosystem.
For now, the market is watching closely as VanEck’s entry into the Solana ETF space unfolds against a backdrop of declining prices and heightened volatility.