Solana ETF fee rate war ignites: Grayscale GSOL announces a 0.35% fee rate, SEC approval delayed due to the U.S. government shutdown.

As the deadline for the U.S. Securities and Exchange Commission (SEC) to make a final decision on the Grayscale Solana ETF (GSOL) approaches, Grayscale has submitted its S-1 filing to the SEC, disclosing its proposed management fee rate of 0.35%, intending to become one of the first Spot Solana ETPs with staking functionality. However, due to the ongoing government shutdown, the listing approval for GSOL on NYSE Arca has been forced to face delays. In terms of fee competition, Bitwise Solana ETF (BSOL) had previously announced a lower fee rate of 0.20% and waived fees for the first three months or until Assets Under Management (AUM) reaches $1 billion, leading to fierce market competition. Affected by macroeconomic uncertainties, Solana (SOL) has seen its price fall over 2% in the past 24 hours, but the surge in volume indicates that “Buy the Dips” sentiment is building up.

Grayscale GSOL submits S-1 filing · 0.35% fee and stake risk disclosure

Grayscale Solana Trust, in the S-1 registration statement submitted to the SEC, not only updated its listing plans but also disclosed key operational details for the first time, including its management fees.

· Management fee rate determined: According to the SEC filing on October 9, Grayscale Solana Trust (GSOL) will set a management fee rate of 0.35%, to be paid in SOL. Although the filing mentions a temporary fee waiver, Grayscale currently has no intention to exercise this right.

· Contains staking feature: Grayscale has recently activated the staking feature for its Solana Trust, allowing investors to indirectly participate in SOL staking rewards through traditional brokerage accounts. If GSOL receives SEC approval to become an ETF, it is expected to be one of the first Spot Solana ETPs with staking capabilities.

· Staking Risk Warning: The document has been updated with language and risk factors related to staking, stating that “validators may suffer losses due to staking, or staking may lack appeal for validators, which could adversely affect the Solana network.” This reflects Grayscale's cautious disclosure of potential risks while pursuing higher returns.

· Listing and Custody Details: GSOL plans to list and trade on NYSE Arca. Other disclosure details include: Tax advisor is Davis Polk & Wardwell, accounting firms are KPMG and Marcum, and marketing agent is Foreside Fund Services. On the custody side, the leading US CEX Custody will serve as the primary custodian, with Anchorage Digital Bank as an additional custodian.

Intensifying Competition: Bitwise Unveils Ultra-Low Fees to Seize Opportunity

Grayscale's 0.35% fee rate, once announced, immediately highlighted the intensity of the Solana ETF market fee war, with its main competitor Bitwise having an advantage in fees.

· Bitwise Fee Leader: Bitwise Solana ETF (BSOL) previously announced a management fee rate of 0.20%, which is currently the lowest among all Solana ETF applications.

· “Not to be underestimated” offensive: Bloomberg's senior ETF analyst Eric Balchunas commented that Bitwise's low fee strategy is “Bitwise is not joking around,” indicating its aim to ensure a leading position in market capital inflows through ultra-low fees.

· Limited-time Free and Renaming: Bitwise also announced that it will waive all fees for the first three months after the fund's establishment or until its Assets Under Management (AUM) reaches the first billion dollars. In addition, BSOL has changed the fund's name to Bitwise Solana Staking ETF, clearly highlighting its staking feature.

· Approval Delayed: Although the SEC's final decision on GSOL has expired, the listing approval for GSOL has been delayed due to the ongoing government shutdown in the United States.

Solana Market Performance: Short-term Pressure and “Buy the Dips” Sentiment

Against the backdrop of the ETF fee war and the pending SEC approval, the price trend of Solana (SOL) reflects that the market is currently in a state of fluctuation in the short term.

· Price Slightly Falls: In the past 24 hours, the SOL price has fallen by over 2%, currently trading around 222.10 USD, with a price fluctuation range for the day between 217.20 USD and 228.63 USD.

· Volume Recovery: It is worth noting that despite the price drop, the 24-hour trading volume has increased by 5%, which is usually seen as investors taking the opportunity to buy the dips, indicating a certain “Buy the Dips” sentiment in the market. The expectations for the launch of the ETF and the potential attractiveness of staking rewards are macro factors supporting the long-term demand for SOL.

Conclusion

Grayscale announced a 0.35% fee for GSOL, officially entering the competition for the Solana ETF, marking the determination of the crypto asset management giant to capture market share. However, its fee is higher than Bitwise's 0.20%, highlighting that future market competition will revolve around fees, stake functionality, and brand influence. Currently, the SEC's approval is hindered by government shutdowns, which adds extra volatility to the market. For investors, although the SOL price may face pressure in the short term, the advancement of the ETF and the rebound in volume indicate that the market's long-term confidence in Solana as a mainstream investment asset remains strong.

Disclaimer: This article is for news information only and does not constitute any investment advice. The cryptocurrency market is highly volatile, and investors should make cautious decisions.