An important step has taken place in the cryptocurrency industry today: two of Grayscale’s leading products are ETHE (Ethereum Trust ETF) and GSOL (Solana Trust) — officially activate the staking function, giving investors the opportunity not only to hold assets, but also to receive rewards.
This step is considered one of the most significant in the integration of cryptocurrency instruments with traditional financial markets.
What exactly happened
Today, Grayscale is launching staking in two of its products at once — ETHE and GSOL. These are the first spot crypto-ETPs in the United States, providing the opportunity for passive income from participation in the Ethereum and Solana networks.
Now, holders of these funds will be able to earn income from staking without having to set up nodes themselves or interact with blockchains. All operations will be performed by institutional validators selected by Grayscale, and rewards will accumulate in the value of the funds’ assets.
For investors, this means that ownership of ETHE and GSOL is transformed from passive token storage into active participation in the Ethereum and Solana network processes.
Why is this important?
- The evolution of investment products
Until now, crypto-ETFs and trusts have not allowed to receive income from staking, even if the underlying asset participated in such mechanisms. Grayscale is now making this functionality available through a regulated product. - Profitability and dividend logic
Staking actually adds a dividend component to crypto assets. Investors will be able to receive additional profits not only from the increase in the price of the token, but also from the profitability of the network. This makes such ETFs closer in model to dividend-paying stocks. - Accessibility to a wide audience
Many investors avoid self-staking due to the technical complexity. Within the framework of an ETF, the entire process is automated and transparent, which makes it available even through a standard brokerage account. - Support for blockchain ecosystems
Through staking, ETF funds actually participate in ensuring the security of the Ethereum and Solana networks, enhancing their decentralization and reliability.
Technical and regulatory details
ETHE and GSOL are legally registered as ETP (exchange-traded products), rather than classic ETFs, and are not regulated by the Investment Companies Act of 1940. This gives them more flexibility in asset management, including staking.
A special liquidity mechanism is provided for ETH — Liquidity Sleeve, which allows you to execute purchase requests without having to withdraw tokens from staking.
GSOL’s Solana fund is in the process of transitioning to a full-fledged exchange format, which will provide even greater access to institutional investors.
Grayscale’s partners are large custodians and validator operators who ensure the security and continuity of staking operations.
Among the risks, experts note: possible sanctions (slashing) for violations by validators, technical failures, delays in withdrawing funds, as well as tax and regulatory uncertainties, especially in the US market.
What to expect next
- The influx of new capital. The emergence of profitability in ETHE and GSOL can attract long-term investors looking for stable instruments with passive income.
- Growing interest in Solana. GSOL staking makes Solana one of the first blockchains available for such participation through the stock infrastructure. This may have a positive effect on the price of SOL.
- The reaction of competitors. After the success of Grayscale, we can expect similar initiatives from BlackRock, Fidelity and other management companies that are already experimenting with crypto-ETFs.
- Regulatory review. The SEC and other regulators are likely to closely monitor these funds to determine if they are violating current securities regulations.
Result
The launch of staking in ETHE and GSOL is a key moment in the development of the crypto investment industry. It turns the ownership of digital assets through traditional exchange instruments into a full-fledged participation in the work of blockchains.
For Grayscale, this is not just a step towards innovation, but a strategic attempt to combine the crypto economy and classic investments. If the mechanism proves successful, staking may become a standard feature of all future crypto ETFs.
Sources:
- Grayscale: Launches First Staking Spot Crypto ETPs in the U.S. — GlobeNewswire
- Bankless Times: Grayscale introduces first U.S. listed staking ETPs
- CryptoBriefing: Ethereum and Solana staking ETFs launch today
- Crypto in America: Wall Street gets its first staking products
