YEREVAN (CoinChapter.com) — Solana exchange-traded funds, Solana (SOL) ETFs, are not expected to attract significant interest from U.S. investors, according to Katalin Tischhauser, head of investment research at Sygnum. The Grayscale Solana Trust (GSOL), a private fund, currently manages less than $70 million in assets. Tischhauser notes that this low figure indicates weak interest in Solana-focused investment products. For comparison, the Grayscale Bitcoin Trust managed almost $30 billion in assets before its conversion to an ETF in January.
Solana (SOL) ETFs Show Limited Demand; Bitcoin and Ether ETFs Thrive
While GSOL shares trade at a high premium to their net asset value (NAV)—exceeding 7x as of August 15—the demand remains limited. Tischhauser suggests that, although this premium indicates some interest, it’s not enough to make a significant impact on the broader market.
“The high premium suggests some demand, but it’s not the kind of demand that will significantly impact the market.”
Bitcoin and Ether ETFs have seen much stronger demand. Together, they manage nearly $63 billion in assets, according to Morningstar. Since January, Bitcoin ETFs have recorded more than three times the largest one-year inflow of any ETF in history, according to Dave LaValle, Grayscale’s global head of ETFs.
Franklin Templeton and VanEck Push Forward with SOL ETFs
Franklin Templeton, which also manages BTC and ETH ETFs, remains optimistic about expanding its cryptocurrency offerings, including a potential Solana (SOL) ETF.
In a post on X on July 23, Franklin Templeton stated,
“Beyond Bitcoin and Ethereum, we see other significant developments that could propel the crypto space forward.”
Matthew Sigel, head of digital assets research at VanEck, announced on X on June 27 that the firm has filed for a Solana (SOL) ETF with the U.S. Securities and Exchange Commission.
The proposed fund, named the VanEck Solana Trust, is designed to leverage Solana’s decentralized structure, high utility, and economic viability. Sigel noted that this marks the first SOL ETF filing in the United States.
Limited Demand and Minimal Impact Expected
Although other asset managers show interest, BlackRock has no plans to launch a Solana ETF. The company cites “very little interest” from its clients. Smaller issuers might still profit from Solana ETFs. However, the overall impact on the crypto market is expected to stay minimal.
“I don’t think we’re gonna see a long list of crypto ETFs,” Mitchnick said. BlackRock launched its first crypto exchange-traded funds — iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust ETF (ETHA) — in January and July, respectively.
Katalin Tischhauser emphasized that even with some enthusiasm, the overall impact on the crypto market will likely be minimal.
“Smaller issuers may make more money than their expenses by launching and running these products,”
Tischhauser said.
“But it’s not going to be significant for the crypto market—it’s not going to be exciting.”
In summary, current data shows limited demand for Solana ETFs, with major players showing little interest and smaller funds managing low assets.
