The crypto asset manager Grayscale has joined the Solana ETF market by filing a notification form with the SEC to list and trade shares of its existing Solana Trust on NYSE Arca. However, the ETF issuers for Solana, including Grayscale, have omitted staking rewards from their proposed ETFs to comply with SEC guidelines. This decision is likely due to concerns about staking rewards being classified as securities and the potential risks associated with staked assets. Despite the lack of staking rewards, issuers believe that the regulated exposure to Solana's price action through ETFs is still attractive. However, the omission of staking rewards could pose a higher opportunity cost for Solana compared to Ethereum, as Solana's staking rewards have been significantly higher. Solana's appeal extends beyond staking rewards, but their inclusion is still seen as a value-add. It remains to be seen if the SEC will allow staking rewards in future applications, as the stance of the Trump Administration's presumptive SEC chair nominee is uncertain. Therefore, the current question regarding Solana ETFs is whether investors are willing to accept a lower return for regulated investment access.



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