There was no easing into the week starting October 6, 2025, as former Fox Business Journalist Eleanor Terrett reported that Grayscale Investments has activated staking for its Grayscale Solana Trust ($GSOL), giving investors another opportunity to earn staking rewards through a regulated investment product.
The move marks a first in the United States, as it introduces staking capabilities to a spot Solana exchange-traded product (ETP), expanding traditional investors’ access to blockchain yield.
The activation enables $GSOL holders to access Solana’s native staking rewards directly through their brokerage accounts, a feature previously available only to onchain crypto users.
A First for Staking in U.S.-Listed ETPs
Pending regulatory approval, $GSOL is expected to become one of the first spot Solana ETPs with staking. The trust currently manages $122.5 million in assets under management (AUM). If approved for uplisting as an exchange-traded product, $GSOL will expand access to Solana exposure and staking rewards within a regulated structure.
“Staking in our spot Ethereum and Solana funds is exactly the kind of first mover innovation Grayscale was built to deliver. As the number one digital asset-focused ETF issuer in the world by assets under management, we believe our trusted and scaled platform uniquely positions us to turn new opportunities like staking into tangible value potential for investors.” - Peter Mintzberg, Chief Executive Officer of Grayscale.
How Grayscale Manages Staking
Grayscale’s staking approach involves institutional custodians and a diversified network of validator providers. This structure aims to minimize single-party risk while supporting the security and resilience of the Solana network. The company emphasized that staking would occur passively, with no active management or yield optimization strategies.
The activation of staking provides investors with indirect participation in the growth of the Solana ecosystem, while maintaining the fund’s original purpose: to offer spot Solana exposure. The staking rewards, though subject to network conditions and operational factors, introduce a yield component to an otherwise passive investment product.
Broader Industry Context
The introduction of staking into regulated investment products follows a year of growing acceptance for digital assets in U.S. markets. Spot Bitcoin ETFs launched in January 2024, followed by spot Ether ETFs in July 2024. The first Solana Staking ETF, $SSK by REX Shares, launched in July and has seen strong inflows ever since, recently surpassing $400 million in assets under management for the first time.
However, it differs structurally from $GSOL’s approach. $SSK is not a spot Solana staking ETP in the literal sense, as REX Shares does not conduct inherent staking within its own structure but instead holds 54.28% of $SOL and 42.78% of CoinShares’ staked ETP to capture staking rewards indirectly.
Unlike traditional mutual funds or ETFs, Grayscale’s ETPs are not registered under the Investment Company Act of 1940. This means they operate outside the conventional regulatory framework for pooled investment vehicles, though they still trade on regulated markets such as OTCQX.
As the digital asset ecosystem matures, Grayscale’s introduction of staking within $GSOL may serve as a model for future ETPs. The move bridges the gap between onchain participation and traditional financial products, giving investors new ways to engage with decentralized networks through familiar investment channels.
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