VanEck Files Fifth Amendment for Solana ETF Featuring Regulated Staking and Low Fees

VanEck has officially submitted its fifth amendment for the spot Solana ETF (ticker: VSOL) to the U.S. Securities and Exchange Commission (SEC), outlining a 0.30% management fee and an innovative staking strategy. The filing confirms that the ETF aims to mirror Solana’s market performance while generating additional yield through staking—making it the first hybrid digital asset fund structure of its kind in the U.S.

According to the updated filing, VanEck will partner with third-party staking providers such as SOL Strategies to handle delegation and yield management. Provider selection will depend on performance, uptime, and regulatory compliance. To ensure liquidity, VanEck’s staking model includes a 5% buffer that mitigates redemption delays caused by Solana’s typical unbonding period of two to three days. The company’s liquidity risk policy will be reviewed annually to maintain flexibility and market efficiency.

Custody of Solana holdings will be managed by Gemini Trust Company and Coinbase Custody, both regulated and insured entities. VanEck also signaled potential interest in liquid staking tokens (LSTs) pending future regulatory approval, following its recent registration of the Lido Staked Ethereum Trust in Delaware—further emphasizing its commitment to staking-based fund innovation.

The ETF’s 0.30% sponsor fee covers all operational costs except extraordinary legal or regulatory expenses, positioning VSOL among the lowest-fee crypto ETFs on the market, comparable to VanEck’s Bitcoin ETF.

However, despite the comprehensive submission, approval remains uncertain. Analysts like Bloomberg’s James Seyffart noted that the application falls under the Generic Listing Standards (GLS), meaning there’s no fixed timeline for SEC approval. The current U.S. government shutdown has also halted regulatory processes, delaying any decisions. Until operations resume, Solana ETF approvals are effectively on hold, even though exchanges like Cboe BZX can list compliant crypto ETFs under GLS without direct SEC sign-off.