22 US spot crypto ETFs stake. Sponsor cuts run from 6% of rewards (BSOL, Grayscale ETH mini) to ~30% (THYP). Solana funds net 3.7–5.5% a year after fees; Ether and Sui under 1%.
TL;DR. Twenty-two US spot crypto ETFs stake across six assets: Ether (5 funds), Solana (7), Hyperliquid (3), Sui (3), Avalanche (3) and Polkadot (1). The sponsor's cut of rewards runs from 6% (Bitwise BSOL, Grayscale's ETH mini) to about 30% (21Shares THYP). Net of fees, only the Solana funds pay real carry, roughly 3.7% to 5.5% a year on a 5.7% network rate; Avalanche nets 3% to 4%, and Ether, Sui and the cautious HYPE funds under 1%. Every figure carries an as-of date from a 10-Q or an issuer page.
Mục lục · 10 mục
- Which funds stake, and which can't
- The master table: 22 staking ETFs on one grid
- Three ways a sponsor takes its cut
- Cash or accrual: how the reward reaches you
- Unbonding: how long the fund's coins are stuck, by network
- Net yield after the sponsor's cut: a worked example per asset
- Risks that differ by network
- What this table can't tell you
- FAQ
- Sources and further reading
Which funds stake, and which can't
The single-network pieces are Ethereum ETF staking explained and staking inside a Hyperliquid ETF; this one puts every staking fund on one grid. XRP, Dogecoin, Litecoin, Chainlink and Hedera have no delegated staking a trust can use, so there the fee is the whole drag. VanEck's VBNB launched in May 2026 without staking, and five of the ten Ether funds (ETHA, ETHW, ETHV, QETH, EZET) hold ether passively, per our Ethereum ETF comparison. Everything else is in the table.
The master table: 22 staking ETFs on one grid
"Staked" gives the fund's stated target and its actual figure at 30 June 2026 unless another date is shown. "Cut" is the share of gross rewards that goes to the sponsor, custodian and staking providers combined. Custodians and operators are in the risks section.
| Fund | Fee | Staked (target / actual) | Cut of rewards | Payout |
|---|---|---|---|---|
| Ether | ||||
| ETHB (BlackRock) | 0.25%, waived to 0.12% to Mar 2027 | 70–95% / 86.9% | 18% | Cash, monthly |
| ETH (Grayscale mini) | 0.15% | "a portion" / ~83% | 6% | Cash, at least quarterly |
| ETHE (Grayscale) | 2.50% | "a portion" / ~82% | 23% | Cash, at least quarterly |
| FETH (Fidelity) | 0.25% | Up to 100% / not yet reported | 15% | Cash, five times a year |
| TETH (21Shares) | 0.21%, waived to 8 Oct 2026 | 40–70% / not reported | 25% | Cash, at least quarterly |
| Solana | ||||
| BSOL (Bitwise) | 0.20% | Substantially all / ~100% | 6% | Accrual; none paid |
| GSOL (Grayscale) | 0.19% since 25 Jun 2026 | "a portion" / 99.9% | 7% since 25 Jun 2026 (was 23%) | Cash, monthly intended, since Aug 2026 |
| VSOL (VanEck) | 0.30% | "a portion" / 73.3% | 0.28% a year of staked assets | Accrual, retained |
| SOLC (Canary) | 0.50% | All but a reserve / 99.98% | Marinade fees, not itemised | Accrual |
| FSOL (Fidelity) | 0.25% | All but a reserve / 99.64% | 15% | Cash, at least quarterly ($0.21 in H1 2026) |
| TSOL (21Shares) | 0.21%, waived to 27 Jul 2027 | 70–90% / 90.8% | 10% of net, after providers' low single digits | Cash, at least quarterly |
| SOEZ (Franklin) | 0.19% | Up to 100% / 99.88% | 8% | Cash, monthly |
| Hyperliquid | ||||
| BHYP (Bitwise) | 0.34% | 70% / 70% (16 Sep 2026) | 25% | Accrual |
| THYP (21Shares) | 0.30% | 30–70% / not reported | ~30% | Cash, quarterly |
| HYPG (Grayscale) | 0.29% | "a portion" / 95.9% | 25% | Cash, discretionary; $0.029079 paid 5 Aug 2026 |
| Sui | ||||
| SUIS (Canary) | 0.75% | 100% / 100% | ~10% (1.73% gross vs 1.56% net, 16 Sep 2026) | Accrual |
| GSUI (Grayscale) | 0.35% | "a portion" / ~100% | 23% | Cash, monthly intended, since Aug 2026 |
| TSUI (21Shares) | 0.30% | 70–90% / 94.75% | 25% of net, after providers' low single digits | Cash, at least quarterly ($0.0647 in Q2 2026) |
| Avalanche | ||||
| BAVA (Bitwise) | 0.34% | 70% / 69% (15 Sep 2026) | 12% | Accrual |
| VAVX (VanEck) | 0.20% | Not stated / 85.0% | 4% to the provider | Cash, no schedule ($0.1697 on 6 Jul 2026) |
| GAVA (Grayscale) | 0.35% (waiver ended 12 Jun 2026) | "a portion" / 80.9% | 23% | Cash, monthly intended, since Aug 2026 |
| Polkadot | ||||
| TDOT (21Shares) | 0.30% | 40–95% / 79.72% | 26.5% | Cash, at least quarterly ($0.147 in Q2 2026) |
Three figures seen elsewhere are stale: GSOL cut its fee from 0.35% to 0.19% on 25 June 2026, VAVX charges 0.20% (not 0.30%), and GAVA's introductory 0% ended on 12 June 2026.
Three ways a sponsor takes its cut
A flat share of gross rewards. Bitwise takes 6% on Solana, 12% on Avalanche and 25% on Hyperliquid; Grayscale 23% on Sui and Avalanche, 25% on HYPE, and 7% on GSOL since June; Franklin 8%, Fidelity 15%. The number covers validator and custodian as well as sponsor; the shareholder gets the remainder.
A share of net rewards, after the provider is paid. 21Shares does this: the provider takes "a low single-digit percentage" of gross rewards first, then the sponsor takes 10% (TSOL) or 25% (TSUI) of the rest. TDOT discloses the combined figure, 26.5%; THYP's filings put it near 30%. In gross terms TSOL's cut lands around 12–13% and TSUI's nearer 27%.
A fee on staked assets. VSOL is the odd one out: its 10-Q describes a staking fee of 0.28% a year on staked assets, charged whether or not rewards arrive. At a 5.7% reward rate that's roughly 5% of rewards, cheaper than almost everything above; at 3% it would be more than 9%. A fixed cost that gets expensive exactly when the yield is weak.
Cash or accrual: how the reward reaches you
The industry has mostly settled on cash. BlackRock's ETHB and Franklin's SOEZ pay monthly, Fidelity's FETH five times a year, 21Shares at least quarterly across all five funds. Grayscale switched in one move: amendments to the GSOL, GSUI and GAVA trust agreements, disclosed in the June-quarter 10-Qs, require cash conversion at least quarterly, with monthly payments intended. HYPG's 10-Q keeps distributions discretionary; its first cash payment came on 5 August 2026, $0.029079 a share. Bitwise is the holdout: BSOL, BAVA and BHYP retain rewards and paid nothing in the June quarter. Canary's SUIS and SOLC and VanEck's VSOL also accrue.
Which is better depends on the account. In an IRA the two are the same thing; in a taxable account, cash is a reportable distribution each time it's paid, while accrual defers everything into the share price until you sell. Accrual has a second effect: the coin count behind each share rises, so holdings grow without a share being created, and flow data misses it. On our Solana ETF flows page, BSOL can show zero flow on a day its SOL balance went up.
Unbonding: how long the fund's coins are stuck, by network
Staked coins can't be sold the moment a redemption arrives; how long the fund waits is set by the network, not the sponsor.
| Network | Mechanism | Typical wait | What the funds say |
|---|---|---|---|
| Ethereum | Validator exit queue, then withdrawal | Days when quiet, weeks when crowded | No fund publishes a figure |
| Solana | Deactivation at the epoch boundary | About 2 days | FSOL: "approximately 2 days"; BSOL: cooldown 2–8 days plus 2-day unbonding |
| Hyperliquid | Unstaking queue | 7 days | Per Hyperliquid documentation |
| Sui | Takes effect at the end of the current epoch | Up to 24 hours | 21Shares says the period "can vary"; Sui epochs are one day |
| Avalanche | No queue; fixed terms of 2 weeks to 1 year | Until the chosen term ends | BAVA ladders two-week terms; VAVX: "inaccessible for approximately 16 days" |
| Polkadot | Nominator unbonding | 24–48 hours since 6 Jul 2026 (was 28 days) | TDOT's 10-Q, after Referendum 1910; see the TDOT review |
So the liquidity buffer matters more on Hyperliquid and Avalanche than on Sui or Polkadot: a fund that stakes 95% of its SUI can unwind in a day, one that stakes 95% of its HYPE needs a week. That buffer is what you're paying for in THYP (30–70% staked) over HYPG (95.9%), and it costs about half the reward. None of this reaches your shares directly: you can sell any of these ETFs during market hours and settle T+1. The queue matters only if redemptions outrun the fund's liquid coins, which hasn't happened to any of the 22.
Net yield after the sponsor's cut: a worked example per asset
The formula is the same for every fund: gross network rate × share staked × (1 − cut) − sponsor fee. Bitwise's pages confirm it: BHYP quotes 2.25% gross and 1.18% net, exactly 2.25% × 70% × 75%. The table applies it to $10,000 held for a year, using each issuer's latest published gross rate and the actual staked share above; where no rate is published, the row says which one it borrows.
| Fund | Gross rate used | × staked | × kept | Net staking | − fee | Net carry on $10,000 |
|---|---|---|---|---|---|---|
| ETHB | 1.45% (iShares, 16 Sep 2026) | 86.9% | 82% | 1.03% | 0.12% | +$91 |
| ETH mini | 1.45% (borrowed) | 83% | 94% | 1.13% | 0.15% | +$98 |
| FETH | 1.45% (borrowed) | 90% (assumed) | 85% | 1.11% | 0.25% | +$86 |
| BSOL | 5.73% (Bitwise, 15 Sep 2026) | 100% | 94% | 5.39% | 0.20% | +$519 |
| GSOL | 6.10% (Grayscale, 16 Jul 2026) | 99.9% | 93% | 5.67% | 0.19% | +$548 |
| SOEZ | 5.7% (borrowed) | 99.9% | 92% | 5.24% | 0.19% | +$505 |
| FSOL | 5.7% (borrowed) | 99.6% | 85% | 4.83% | 0.25% | +$458 |
| TSOL | 5.7% (borrowed) | 90.8% | ~87% | 4.50% | 0% to Jul 2027 | +$450 |
| VSOL | 5.7% (borrowed) | 73.3% | 0.28% of staked assets | 3.97% | 0.30% | +$367 |
| SOLC | 5.7% (borrowed) | ~100% | Marinade fee not disclosed | <5.7% | 0.50% | Under +$520; can't be pinned down |
| HYPG | 2.25% (Bitwise, 16 Sep 2026) | 95.9% | 75% | 1.62% | 0.29% | +$133 |
| BHYP | 2.25% | 70% | 75% | 1.18% | 0.34% | +$84 |
| THYP | 2.25% | 30–70% | ~70% | 0.47–1.10% | 0.30% | +$17 to +$80 |
| SUIS | 1.73% (Canary, 16 Sep 2026) | 100% | ~90% | 1.56% | 0.75% | +$81 |
| TSUI | 1.73% (borrowed) | 94.75% | ~73% | 1.20% | 0.30% | +$90 |
| GSUI | 1.73% (borrowed) | ~100% | 77% | 1.33% | 0.35% | +$98 |
| VAVX | 5.3% (midpoint of BAVA and GAVA) | 85% | 96% | 4.32% | 0.20% | +$412 |
| BAVA | 5.25% (Bitwise, 15 Sep 2026) | 69% | 88% | 3.19% | 0.34% | +$285 |
| GAVA | 5.41% (Grayscale, 7 Aug 2026) | 80.9% | 77% | 3.37% | 0.35% | +$302 |
| TDOT | Not published | 79.7% | 73.5% | See note | 0.30% | Roughly +$250 to +$300, low confidence |
The TDOT row is an estimate: 21Shares publishes no reward rate, so it rests on the 10-Q's $103,125 of June-quarter staking rewards against $7.39m of net assets at quarter-end, before the 26.5% cut. DOT fell during the quarter, so treat it as an order of magnitude.
Three things stand out. The Solana funds are in a different league: a 5.7% network rate turns a 0.20% fee into a rounding error, and the 180-basis-point spread between the best (GSOL, BSOL, SOEZ) and the worst (VSOL) is driven almost entirely by how much is staked. On Ether and Sui the network pays so little that fee and cut eat most of it; the honest description is "roughly free to hold", not "yield". On Hyperliquid, the gap between HYPG and THYP dwarfs every fee gap in the table, because one stakes 96% and the other as little as 30%. ETHE isn't listed: its 2.50% fee nets about −1.4% a year.
Rank by net carry rather than headline fee and the winners change. ETHB has the lowest Ether fee (0.12% waived) but the mini wins on carry, because 6% beats 18% and the waiver ends in March 2027. TSOL is free until July 2027, yet GSOL and BSOL come out ahead by staking everything and taking 6–7%. A waiver is a saving for a fixed period; the staked share and the cut are structural, and they're what to compare if you'll hold for more than a year.
Risks that differ by network
Staking risk isn't one thing. Slashing, the penalty for validator misbehaviour, is live on Ethereum; Polkadot removed it for nominators in the July 2026 upgrade that cut unbonding to two days; Solana and Avalanche don't currently slash stake. So "the fund bears slashing risk" is a live sentence for ETHB and a historical one for TDOT.
Provider concentration is the risk the filings make visible. Coinbase Crypto Services stakes for SOEZ, TSOL, TSUI, VAVX and TDOT, and Coinbase-arranged validators handle ETHB; Figment appears behind TSOL, THYP and TDOT; Canary uses Luganodes and Everstake (SUIS) and Marinade (SOLC). Coinbase Custody is a custodian for 14 of the 22 funds; the rest use Anchorage (BHYP, HYPG), BitGo (SOLC, SUIS), Gemini (VSOL) or Fidelity Digital Assets (FETH). Nothing about that is improper (same custody model as the Bitcoin funds), but a failure at one provider would hit several funds on several networks in the same week. Bitwise is the exception, staking SOL and HYPE through its own Bitwise Onchain Solutions and AVAX through Attestant, an affiliate: the operational risk sits with the sponsor, not a vendor.
The last risk is size. SOLC held $1.47m at 30 June 2026, TSOL $2.85m, GAVA $4.27m, TDOT $7.39m; a fund that small can close, and a closure is a forced taxable sale on the issuer's timetable. Check assets before fees: Ether, Solana, Hyperliquid, Sui, Avalanche and Polkadot each have one, updated every business day from the issuers' own holdings files.
What this table can't tell you
Reward rates move. Solana's 5.7% and Ether's 1.45% are September 2026 readings, and both fall as more supply is staked; BSOL alone had 8.05m SOL staked at 30 June. Sui's rate has already dropped from the 7% quoted at launch to under 2%, as the Sui ETF explainer tells. Tax treatment is unsettled too: a cash distribution from a grantor trust holding staked ether isn't a dividend, and its character differs by jurisdiction and fund; read the prospectus tax section first.
And this is a comparison of terms, not performance. Every fund on the grid lost money in the first half of 2026 as the coins fell; net carry is what staking adds to whatever the coin does. Watch the money instead of the yield: daily creations and redemptions across the 13 assets we cover show whether other holders agree with the arithmetic, and the Crypto ETF Flow Index condenses the last month of that into one reading.
FAQ
Which crypto ETFs stake their holdings?
As of October 2026, 22 US spot crypto ETFs stake: five Ether funds (ETHB, ETH mini, ETHE, FETH, TETH), all seven Solana funds our tracker covers (Invesco QSOL and Morgan Stanley MSOL stake too, outside our data), all three Hyperliquid, Sui and Avalanche funds, and the single Polkadot fund, TDOT. XRP, DOGE, LTC, LINK and HBAR funds cannot stake.
Which staking ETF keeps the smallest share of rewards?
Bitwise BSOL and Grayscale's ETH mini each take 6% of gross rewards, followed by GSOL at 7% since June 2026, SOEZ at 8% and BAVA at 12%. The largest cuts are THYP at about 30%, TDOT at 26.5% and the 25% taken by BHYP, HYPG, TETH and TSUI.
Which crypto ETF has the highest staking yield?
The Solana funds. On the 5.7–6.1% gross rates Bitwise and Grayscale published in mid-2026, GSOL, BSOL and SOEZ net roughly 5.0–5.5% a year after cut and fee. Avalanche nets 3–4%, Hyperliquid 0.2–1.3%, Ether and Sui under 1%.
Do staking ETFs pay rewards in cash?
Most do now. BlackRock, Fidelity, Franklin and 21Shares pay cash monthly to quarterly, and Grayscale moved GSOL, GSUI and GAVA to mandatory cash payouts in August 2026; HYPG paid its first cash distribution on 5 August 2026. Bitwise's BSOL, BAVA and BHYP, Canary's SUIS and SOLC, and VanEck's VSOL retain rewards in the fund.
How long does it take a staking ETF to unstake?
It depends on the network. Sui unstakes at the end of the current one-day epoch, Solana in about two days, Polkadot in 24–48 hours since July 2026, Hyperliquid in seven days. Avalanche locks coins for fixed terms of two weeks to a year, and Ethereum's exit queue runs from days to weeks. Your ETF shares still settle T+1.
Sources and further reading
- SEC EDGAR, Form 10-Q filings for the quarter ended 30 June 2026: Grayscale GSOL, Bitwise BSOL, Fidelity FSOL, VanEck VSOL, Franklin SOEZ.
- SEC EDGAR, 21Shares 10-Qs: TSOL, TSUI, TDOT.
- SEC EDGAR, Avalanche, Sui and Hyperliquid 10-Qs: Bitwise BAVA, VanEck VAVX, Grayscale GAVA, Grayscale GSUI, Grayscale HYPG.
- Issuer pages, 15–17 September 2026: Bitwise BSOL, BHYP, BAVA, Canary SUIS, iShares ETHB.
- Network unbonding rules: Hyperliquid documentation, Sui documentation, Polkadot Forum on Referendum 1910.
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