The long-awaited Grayscale Solana ETF (GSOL) has officially gone live on the New York Stock Exchange (NYSE), marking another milestone in Solana’s growing institutional journey. Coming just a day after Bitwise introduced its own Bitwise Solana ETF (BSOL), the back-to-back debuts signal a new phase for Solana as investors explore spot ETF exposure beyond Bitcoin and Ethereum.
Grayscale confirmed that GSOL began trading on October 29, 2025, following NYSE certification. The firm also revealed that the fund will include staking rewards, a feature that could give it an edge over rival ETFs in the long term.
Grayscale’s SOL Trust Converts to ETF
Before this debut, Grayscale’s Solana exposure existed through the Grayscale Solana Trust, which has now been converted into an exchange-traded fund. According to the firm’s latest filing, the trust holds 525,387 SOL, representing about $102.6 million in assets under management (AUM). Notably, around 75% of these holdings are staked, providing investors with an additional layer of yield potential through Solana’s native staking mechanism.
By including staking rewards, Grayscale is aiming to attract yield-seeking institutional investors who prefer passive crypto exposure with consistent returns. This could differentiate GSOL from Bitwise’s BSOL, which focuses solely on spot exposure without staking components.
Competitive Landscape and Early Reactions
The debut of GSOL came immediately after Bitwise’s SOL ETF (BSOL), which recorded an impressive $56 million in first-day trading volume and $69.5 million in daily net inflows — one of the strongest ETF openings in the crypto sector this year.
Bloomberg ETF analyst Eric Balchunas described BSOL’s first-day performance as “pretty big,” adding that while Grayscale’s second entry might not surpass it, the competition between issuers will likely benefit overall market liquidity.
“This is tough. That one day is pretty big. But I guess being second isn’t too bad,” Balchunas said on X (formerly Twitter). “The other issuers are probably not too happy seeing this kind of performance.”
Meanwhile, James Seyffart, another Bloomberg ETF specialist, offered a bullish long-term view, forecasting that Solana ETFs could attract more than $3 billion in cumulative inflows within the first year of trading.
“Solana’s market cap is about 5% of Bitcoin’s and 22% of Ethereum’s,” Seyffart explained. “If inflows follow a similar ratio as we’ve seen for Bitcoin and Ethereum ETFs, we could be looking at over $3 billion in the first 12 to 18 months.”
Short-Term Price Dip Amid “Sell-the-News” Effect
Despite the ETF excitement, Solana’s price slipped from $200 to $190 shortly after the announcement — a classic case of “sell-the-news” behavior that has followed many major crypto ETF debuts. Analysts note that such pullbacks are common as early investors take profits after strong pre-launch rallies.
The phenomenon was also observed during previous ETF launches, including Bitcoin and Ethereum’s spot ETF approvals, where immediate price dips were followed by longer-term accumulation and recovery phases.
Furthermore, data indicates that past outflows were often linked to Grayscale products, given the firm’s large institutional exposure and frequent profit-taking cycles. Hence, traders are closely watching whether the GSOL debut will lead to similar short-term volatility or if staking rewards will help stabilize investor interest.
Options Market Hints at Bullish November Outlook
While the spot market experienced mild correction, derivatives data suggests traders remain cautiously optimistic. Metrics from Amberdata show that the 25-Delta Risk Reversal (25RR) for upcoming Solana options expiries is hovering between 0.86 (neutral) and 3–6 (bullish).
This indicates that options traders are paying more for calls than puts, signaling increased demand for upside protection heading into November. In simpler terms, the market expects a potential price recovery in the coming weeks despite the muted reaction to the ETF launch.
“The derivatives setup shows traders positioning for a November rebound,” said one analyst from Coincu Research. “Staking yields combined with ETF momentum could help SOL regain bullish traction once short-term selling pressure fades.”
Institutional Interest in Solana Keeps Growing
Institutional participation in Solana has surged throughout 2025, thanks to its growing reputation as a fast, scalable, and developer-friendly blockchain. Major institutions like Franklin Templeton, VanEck, and Pantera Capital have expressed support for the Solana ecosystem, while Solana-based DeFi and NFT projects continue to attract new capital inflows.
The addition of Grayscale’s ETF to the U.S. market now provides traditional investors with regulated, exchange-traded access to Solana without the need to hold the underlying asset directly. This accessibility is expected to further boost Solana’s visibility among asset managers and ETF allocators in the coming months.
What’s Next for SOL Price?
Looking ahead, the key level to watch remains $190, which has now become a near-term support zone. A sustained bounce above this range could push SOL back toward $210–$220, while a close above $230 may signal a return to bullish momentum.
On the other hand, failure to hold above $185 could trigger a temporary correction toward $175, though on-chain data suggests strong accumulation from institutional wallets at these lower levels.
If market sentiment follows the broader ETF narrative seen with Bitcoin and Ethereum earlier this year, Solana could see a gradual post-launch rebound supported by growing fund inflows and staking yield demand.
Conclusion
The Grayscale Solana ETF debut represents a crucial milestone in Solana’s institutional adoption story. With over $100 million in staked assets and the inclusion of staking rewards, GSOL stands out as a yield-generating alternative to its peers.
Although SOL’s price briefly dipped following the listing, mid-term market sentiment remains neutral to bullish, with traders expecting a potential recovery in November. If ETF inflows sustain and derivatives traders’ optimism proves correct, Solana could be poised for its next leg higher toward the $220–$250 range.
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