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Grayscale Pioneers Staking in U.S. Spot Crypto ETPs for Ethereum and Solana
![Robot balancing ETH, SOL, GDLC cubes symbolizing crypto regulation [ETP]](/_next/image?url=https%3A%2F%2Fprod-coin360-cms.s3.eu-central-1.amazonaws.com%2FRobot_balancing_ETH_SOL_GDLC_cubes_symbolizing_crypto_regulation_ETP_d677971051.webp&w=3840&q=75)
Ethereum and Solana Products Add Staking Rewards Through Traditional Brokerage Accounts
TL;DR
- Grayscale became the first U.S. issuer to introduce staking in spot crypto exchange-traded products.
- Staking went live for the Ethereum Trust ETF, Ethereum Mini Trust and Grayscale Solana Trust on October 6, 2025.
- Investors can gain staking exposure through traditional brokerage accounts without managing validators themselves.
- Grayscale managed about $35 billion in assets as of September 30, 2025.
- The launch comes as the SEC continues weighing staking features in other crypto investment products.
Grayscale launched staking for its U.S. spot Ethereum and Solana products on October 6, 2025, becoming the first U.S. issuer to incorporate staking into spot crypto exchange-traded products.
Staking is now active for:
- Grayscale Ethereum Trust ETF (ETHE)
- Grayscale Ethereum Mini Trust (ETH)
- Grayscale Solana Trust (GSOL)
The structure allows investors to gain exposure to staking rewards through brokerage accounts without directly managing wallets, validators or other on-chain infrastructure.
Grayscale Adds Staking to Ethereum ETPs
ETHE and ETH are structured as exchange-traded products rather than funds registered under the Investment Company Act of 1940.
Grayscale plans to stake assets passively through institutional validators and custody partners.
The company said the approach is designed to maintain operational security while allowing the products to participate in Ethereum's proof-of-stake network.
Chief Executive Peter Mintzberg described the launch as a “first-mover innovation.”
Grayscale also published an educational paper titled Staking 101: Secure the Blockchain, Earn Rewards explaining validator incentives, network uptime and staking rewards.
The firm managed approximately $35 billion in assets as of September 30, 2025.
Solana Trust Moves Toward ETP Status
Grayscale is also seeking regulatory approval to uplist the Grayscale Solana Trust, which traded over the counter, into an exchange-traded product.
GSOL's inclusion in the staking rollout gives investors exposure to Solana staking while Grayscale pursues that conversion.
Other issuers had also amended spot Solana ETF applications to include staking provisions.
At the time, analysts expected the first Solana staking ETFs could receive approval before mid-October 2025.
SEC Staking Policy Remains Uncertain
The launch came as the Securities and Exchange Commission continued reviewing how staking should be treated inside regulated crypto investment products.
The SEC had repeatedly delayed decisions involving staking proposals for Ethereum ETFs from issuers including BlackRock and Fidelity.
Earlier Ethereum ETF structures generally avoided staking because of that uncertainty.
Grayscale moved ahead under disclosures covering its ETP structures, signaling that it believed staking could operate within the existing framework.
Future SEC decisions could still affect validator operations, disclosures or accounting for staking rewards.
Staking Adds Yield to Spot Crypto Exposure
Traditional spot crypto products generate returns primarily through changes in the underlying asset's price.
Adding staking introduces another potential return source because Ethereum and Solana validators earn rewards for helping secure their networks.
That creates a difference between staking-enabled products and passive spot vehicles.
However, fees remain important.
ETHE charges a 2.5% annual management fee, which could reduce the effect of staking income on investor returns.
The product had also traded at discounts to net asset value before its exchange-traded conversion, reaching about 6.7% below NAV in mid-2024.
Grayscale Expands Multi-Asset Crypto Products
Grayscale's staking launch followed broader expansion of its exchange-traded product lineup.
The Grayscale CoinDesk Crypto 5 ETP (GDLC) began trading on NYSE Arca on September 19, 2025.
The product held approximately $789.4 million in assets and tracked five cryptocurrencies:
According to Grayscale's index methodology, those assets represented roughly 90% of the crypto market capitalization covered by the benchmark.
GDLC charged a 0.59% expense ratio.
What Grayscale's Staking Launch Means
Grayscale's move brings a core feature of proof-of-stake networks into traditional exchange-traded investment products.
Investors can now gain exposure to ETH and SOL staking rewards without directly operating validators or handling blockchain infrastructure.
The launch also increases competition among crypto asset managers as issuers look beyond simple spot-price exposure.
The key question remains regulatory treatment. Grayscale has established an early model for staking-enabled U.S. crypto ETPs, but future SEC decisions will determine how widely similar structures can be adopted across the market.
