Grayscale Temporarily Removes Management Fees for Solana Trust ETF to Boost Adoption
Grayscale, a leading asset management company, has announced a temporary removal of management fees for its Solana Trust ETF (GSOL) in a strategic move to attract more investors. This decision underscores Grayscale’s strong confidence in Solana (SOL) and its commitment to driving adoption of the blockchain platform.
Effective Wednesday, November 5, Grayscale will waive all management fees for the GSOL fund. Additionally, the firm will stake all of its SOL holdings, targeting an average gross staking reward of 7%. This staking initiative began on October 6, even before GSOL transitioned into an exchange-traded product (ETP).
Inkoo Kang, Senior Vice President of ETFs at Grayscale, commented on the initiative:
“We have been staking in GSOL since October 6th, even before it became an ETP. GSOL aims to deliver real long-term benefits for investors, highlighted by our diversified validator approach, a key aspect of the staking program deployed in GSOL.”
The management fee waiver will remain in effect for up to three months or until the fund reaches $1 billion in assets under management (AUM), whichever comes first. Notably, investors will not receive staking rewards directly. Instead, these returns will be reflected through the appreciation of the trust’s share value.
Grayscale explained that this move is designed to pass more of the economic rewards directly to investors, thereby increasing the fund’s appeal and drawing additional capital inflows. The company is making this adjustment amid heightened competition in the Solana ETF space from other providers such as VanEck, 21Shares, and Ark.
This fee waiver and staking strategy highlight Grayscale’s proactive approach to supporting the Solana ecosystem and enhancing long-term value for its investors.
https://crypto.news/grayscale-waves-fees-solana-etf-attract-new-investors/