The crypto ETF ecosystem has grown considerably in size and scope during this past year. VanEck has also added to this activity this last month when it launched the VanEck Solana ETF (VSOL), which is now reportedly the third SOL ETF in the United States (and includes Solana or SOL staking rewards).
Gemini reports that it will serve as the custodian for VSOL, building on an existing relationship with VanEck that also includes “providing custody services for the VanEck Bitcoin Trust (HODL) and the VanEck Ethereum ETF (ETHV).”
As part of the launch, VanEck has reportedly waived VSOL’s sponsor fee for the first $1 billion in assets or “until February 17, 2026, whichever happens first.”
As stated in a blog post by Gemini, VSOL’s third-party staking provider has also waived its sponsor fee during the “same timeframe.”
After that date or threshold is reached, the fee “will hit .30%.”
As explained in the announcement, VSOL is one of the first spot ETFs to offer staking rewards, a process that “gives validators a financial incentive to help secure the network.”
Kyle DaCruz, VanEck’s director of digital assets product, said that Solana has emerged as a proof-of-stake network, offering “scalability and efficiency that continue to attract developers and real-world use cases.”
DaCruz added that they’re pleased to be “launching VSOL and to build on VanEck’s long history of expanding access to digital assets through thoughtful, investor-focused products.”
Digital assets platform Gemini has now reportedly “completed SOC 1 Type 2 and SOC 2 Type 2 examinations, certified by Deloitte, so we meet the highest safety and compliance standards.”
Gemini further noted that it segregates assets for the sole benefit of “the fund owners, fully backed 1:1, and separated from other users’ assets.”
Gemini claims it is now fully committed to maintaining the relevant regulatory standards as the web3 industry continues to grow.
Supporting the VanEck Solana ETF as its custodian is described as being another key step on their mission to unlock the so-called next era of “financial, creative, and personal freedom.”