- VanEck has launched its Solana staking ETF, joining Bitwise and Grayscale as the third such ETF in the U.S.
- Fidelity plans to introduce a Solana ETF, adding to the competition in this market segment.
- Grayscale is expected to launch the first U.S. Dogecoin ETF, pending regulatory clearance, marking a new milestone for memecoin ETFs.
- The U.S. Securities and Exchange Commission’s updated listing standards have accelerated the approval of crypto ETFs.
- Several firms are preparing spot Dogecoin ETFs, potentially launching soon if no regulatory hurdles arise.
VanEck introduced the VanEck Solana ETF (VSOL) on Monday, becoming the third U.S. exchange-traded fund (ETF) to offer Solana (SOL) staking. The fund follows similar products by Bitwise and Grayscale, which launched in late October and have attracted over $380 million collectively. VSOL provides staking rewards by locking SOL on the blockchain and is waiving its 0.3% fee until February 17 or until assets reach $1 billion to enhance competitiveness.
The recent changes by the U.S. Securities and Exchange Commission (SEC) in September simplified the listing process for crypto ETFs, enabling faster approvals that bypass detailed individual fund assessments. This shift has led to an influx of crypto ETF launches.
According to Bloomberg ETF analyst Eric Balchunas, the Fidelity Solana ETF (FSOL) is scheduled to launch Tuesday, offering a direct competitor to the existing three Solana ETFs, which generally charge a 0.25% fee. Balchunas noted it as the largest asset manager entering this category, with BlackRock notably absent.
Additionally, a Dogecoin (DOGE) ETF from Grayscale may debut as soon as November 24. This follows an amended regulatory filing that started a 20-day period in which the ETF can launch if the SEC does not intervene. The Grayscale Dogecoin Trust is converting from an existing fund to a New York Stock Exchange-listed product capable of directly holding DOGE. Balchunas commented that, based on SEC guidance, its approval appears likely but is not guaranteed until an official exchange notice is posted.
Previous Dogecoin ETFs, such as those launched by REX Shares and Osprey Funds, invest indirectly through offshore subsidiaries due to regulatory limits under the Investment Company Act of 1940. Bitwise is also expected to launch a spot Dogecoin ETF potentially late next week if the SEC does not act during a similar 20-day launch window triggered by a regulatory filing change on November 6.
These developments represent growing institutional interest and product variety in the cryptocurrency ETF market, particularly for altcoins like Solana and Dogecoin.
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