Quick Breakdown
- VanEck launches the third staking-enabled Solana ETF in the US, temporarily waiving management fees.
- Fidelity is next in line with its Solana ETF, joining a fast-growing competitive landscape.
- Grayscale may debut the first direct-holding Dogecoin ETF as early as November 24, with Bitwise close behind.
VanEck has rolled out a new exchange-traded fund (ETF) tied to Solana, marking the third staking-enabled Solana product to hit US markets as major asset managers accelerate their altcoin ETF strategies.
Source: VanEck
The VanEck Solana ETF (ticker: VSOL) began trading on Monday, joining prior launches from Bitwise and Grayscale that collectively attracted more than $380 million shortly after their debut in late October.
Fee waiver and staking rewards to drive early adoption
VSOL provides staking rewards by locking Solana (SOL) tokens on-chain, similar to its closest rivals. To strengthen its competitive edge, VanEck has temporarily suspended its 0.3% management fee until February 17 or until the fund accumulates $1 billion in assets. This approach mirrors an increasingly aggressive battle for investor capital among crypto-focused fund issuers.
The rapid rollout of crypto ETFs follows the US Securities and Exchange Commission’s relaxed listing framework introduced in September, enabling issuers to proceed without lengthy individual product assessments.
Fidelity to enter the arena next
According to Bloomberg ETF analyst Eric Balchunas, the Fidelity Solana ETF (FSOL) is expected to launch on Tuesday, instantly placing one of the world’s largest financial houses into the Solana ETF lineup. FSOL is set to compete head-on with existing players, offering a management fee of 0.25%.
Balchunas also noted that Fidelity remains the largest asset manager participating in the Solana ETF niche, pointing out that BlackRock has not yet entered this specific product category.
Dogecoin ETF could follow in days
The ETF race is widening beyond layer-1 tokens, with Balchunas indicating that the first US Dogecoin ETF capable of directly holding the memecoin may launch as soon as November 24. The upcoming product from Grayscale seeks to convert its existing Dogecoin Trust into a fully tradable ETF on the New York Stock Exchange pending a final exchange-level notice.
If the SEC does not intervene before the 20-day period triggered earlier this month expires, the fund could go live as early as Monday. Meanwhile, Bitwise is also in line for a potential spot in a Dogecoin ETF listing next week, following a similar regulatory countdown initiated on November 6.
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