Solana ETF Approval Status: Nine Spot SOL Funds Are Trading
Spot Solana ETFs did not wait for 2027. Nine listed between October 2025 and July 2026, every one of them stakes, and our tracker has recorded $1.77bn of net inflow since.
TL;DR. The question this page used to ask is closed. Nine US spot Solana ETFs trade, listed between 28 October 2025 and 28 July 2026. Our Solana flow series starts on 27 October 2025 and shows +$1.77bn of cumulative net inflow through 24 September 2026. Two forecasts that looked safe in mid-2025 both missed: approval came a year earlier than the consensus "late 2026 to 2027", and every single fund stakes — the SEC did not force staking out of Solana the way it once had with Ethereum. What changed the timetable was not a court case but a rule change: generic listing standards replaced the case-by-case 19b-4 grind.
What actually opened the door
Two things had to be true, and both became true during 2025.
A regulated futures market. CME launched cash-settled Solana futures in March 2025, as the Franklin Solana Trust's own prospectus records. That gave exchanges a surveillance-sharing arrangement to point at — the requirement that had gated Bitcoin and Ether spot approvals.
Generic listing standards. The real accelerant. Rather than ruling on each Solana filing individually under Rule 19b-4, the SEC approved generic listing standards for commodity-based trust shares holding digital assets. Once a proposed fund met the standard, the exchange could list it without a bespoke order. The Solana field went from nothing to seven funds in six weeks.
The D.C. Circuit's Grayscale v. SEC ruling still matters as background — it is why futures-versus-spot inconsistency stopped being defensible — but it is not what produced these listings.
The nine funds, as listed
| Fund | Issuer | Exchange | First traded | Fee |
|---|---|---|---|---|
| BSOL | Bitwise | NYSE Arca | 28 Oct 2025 | 0.20% |
| GSOL | Grayscale | NYSE Arca | 29 Oct 2025 | 0.19% since 25 Jun 2026 |
| VSOL | VanEck | Nasdaq | 17 Nov 2025 | 0.30% |
| SOLC | Canary | Nasdaq | 17 Nov 2025 | 0.50% |
| FSOL | Fidelity | NYSE Arca | 18 Nov 2025 | 0.25% |
| TSOL | 21Shares | Cboe BZX | 19 Nov 2025 | 0.21%, waived to 27 Jul 2027 |
| SOEZ | Franklin Templeton | NYSE Arca | 3 Dec 2025 | 0.19% |
| QSOL | Invesco Galaxy | Cboe BZX | 15 Dec 2025 | 0.25% |
| MSOL | Morgan Stanley | NYSE Arca | 28 Jul 2026 | 0.14% |
Our flows page tracks the first seven. QSOL and MSOL are outside that data. The fund-by-fund comparison — assets, custodians, staking cuts, who each one suits — is in best Solana ETF.
The staking prediction was wrong, and by a lot
The consensus a year before launch was that the SEC would require staking provisions stripped out, as it had for the first Ethereum ETFs, and that SOL ETF holders would forgo the network's staking reward entirely. That is not what happened. Every one of the nine stakes. Franklin's prospectus commits the fund to staking "as much of the Fund's Solana as is practicable (i.e., up to 100%)". Bitwise's BSOL staked essentially all of its SOL from launch.
What replaced the yes/no question is a pricing question. The network paid about 5.7% gross in September 2026; sponsors keep between 3% and 15% of that, and not every fund stakes everything. Net of both, the funds land between roughly 3.7% and 5.5% a year — a spread driven far more by how much each fund stakes than by its fee. The arithmetic per fund is in staking crypto ETFs compared.
One residual restriction survives: the exchanges' generic listing standards do not permit these funds to hold liquid staking tokens, which is why every fund stakes natively rather than through an LST wrapper.
What the money did
Cumulative net flow across the seven tracked funds is +$1.77bn over 180 sessions, from 27 October 2025 to 24 September 2026. For scale, the Bitcoin ETF complex has taken in about $57bn over 678 sessions since January 2024, so Solana's first eleven months are roughly 3% of that — a real market, not a rounding error, and not a second Bitcoin either.
The concentration is extreme. Bitwise's BSOL crossed $1bn of assets on 26 August 2026 and held more than three times the other six tracked funds combined in mid-September. Four of the nine funds held under $10m at their last reading. Reading the daily series has one Solana-specific trap: flows count shares created and redeemed, not SOL earned, so a fund that retains staking rewards can grow its holdings on a zero-flow day. That and the rest of the mechanics are in how to read Solana ETF flows; the live series is on the Solana ETF flows page.
What this says about the next altcoin
The sequence that actually worked was: CFTC-regulated futures, then a generic listing standard, then a queue of funds listing within weeks of each other rather than years. XRP followed the same path a fortnight behind Solana — see XRP ETF outlook — and by 2026 the same machinery had produced funds on Hyperliquid, Sui, Avalanche, Polkadot, Dogecoin, Litecoin, Chainlink and Hedera. The full 2026 list has the roster.
The lesson for anyone still forecasting approvals: the binding constraint was procedural, not legal, and when procedure changed, the entire queue cleared at once.
FAQ
Is there a spot Solana ETF in the US?
Yes, nine of them. Bitwise BSOL listed first on 28 October 2025, followed by Grayscale GSOL, VanEck VSOL, Canary SOLC, Fidelity FSOL, 21Shares TSOL, Franklin SOEZ, Invesco Galaxy QSOL and Morgan Stanley MSOL, the last of which listed on 28 July 2026.
Do US Solana ETFs stake?
All of them do, and they did from launch. The widely repeated prediction that the SEC would require staking stripped out, as it had for the first Ethereum ETFs, did not hold. Franklin's prospectus commits SOEZ to staking up to 100% of its Solana; Bitwise's BSOL has staked essentially all of its SOL since October 2025.
How much money has gone into Solana ETFs?
Our tracker shows +$1.77bn of cumulative net inflow across the seven funds it covers, over 180 sessions from 27 October 2025 to 24 September 2026. Invesco's QSOL and Morgan Stanley's MSOL sit outside that data. For comparison, US spot Bitcoin ETFs have taken about $57bn since January 2024.
Which Solana ETF is the cheapest?
Morgan Stanley's MSOL at 0.14%. Among the funds on our flows page, Grayscale GSOL and Franklin SOEZ charge 0.19% and 21Shares TSOL waives its 0.21% fee entirely until 27 July 2027. Canary SOLC is the most expensive at 0.50%. On a staking fund the fee matters less than the sponsor's cut of rewards.
What made the SEC approve Solana ETFs so quickly?
Generic listing standards. Instead of ruling on each fund under Rule 19b-4, the SEC approved standards for commodity-based trust shares holding digital assets, letting exchanges list any fund that met them. Combined with CME Solana futures, launched in March 2025, that turned a multi-year queue into a six-week rush.
Sources and further reading
- SEC EDGAR, Franklin Solana Trust prospectus (424B3, 26 November 2025) — CME Solana futures launched March 2025, SEC approval of generic listing standards, the fund's staking commitment, the LST restriction.
- SEC EDGAR, Form 10-Q filings for the quarter ended 30 June 2026 for the Bitwise, Grayscale, Fidelity, VanEck, Franklin and Invesco Solana trusts — fees, staked share, sponsor cuts.
- cryptoetf.today, daily Solana ETF flow series, 27 October 2025 to 24 September 2026.
- Internal: Best Solana ETF, Staking crypto ETFs compared, How to read Solana ETF flows.
