Grayscale Launches First Spot Crypto ETPs With Staking

Grayscale has kicked off a U.S. first: staking inside spot crypto exchange-traded products. The firm added staking to the Grayscale Ethereum Trust ETF (ticker: ETHE) and Grayscale Ethereum Mini Trust ETF (ticker: ETH), and activated staking for Grayscale Solana Trust (GSOL)—with GSOL subsequently uplisting to NYSE Arca as an ETP with staking. In plain English: investors using traditional brokerage accounts can now access staking rewards from Ethereum and Solana exposure through Grayscale’s listed products.
What exactly launched—and when
On October 6, 2025, Grayscale announced that ETHE and ETH had become the first U.S.-listed spot crypto ETPs to enable staking. On the same day, the firm said GSOL had activated staking while it sought approval to move from OTC quotation to an exchange listing. By October 29, Grayscale confirmed “Grayscale Solana Trust ETF (GSOL)”began trading on NYSE Arca with staking, positioning it among the first spot Solana ETPs in the U.S. to offer staking in the wrapper.
How staking works inside an ETP
Staking rewards are earned by the product (via validators) and reflected in the fund’s net asset value (NAV), rather than being paid to token holders directly outside the vehicle. In its Solana launch note, Grayscale said 77% of net staking rewards are intended to pass through to GSOL investors via NAV accrual—essentially letting investors participate in on-chain economics without self-staking. The firm also stresses that these are exchange-traded products, not 1940 Act mutual funds or ETFs, and that investors should read each product’s prospectus and risk factors (e.g., lock-ups, potential downtime, and slashing risk tied to validator performance).
To support the operational side, Figment—a large institutional validator—was named as a staking provider for Grayscale’s U.S. ETH ETPs and SOL Trust/ETP, bringing its infrastructure and compliance program to the effort.
Why this became possible now
Two policy developments in 2025 made the road smoother:
- The SEC approved “generic listing standards” in September, allowing exchanges like NYSE Arca, Nasdaq, and Cboe BZX to list qualifying commodity-based ETPs (including crypto) without a separate, bespoke rule change each time. That move streamlined listings and helped pave the way for more rapid product innovation—such as staking features—under existing guardrails.
- Earlier regulatory guidance and operational tweaks (including the industry’s push toward in-kind processes) reduced friction around how crypto ETPs create/redeem and hold assets, though each issuer’s approach still varies by product. Together, these steps explain why GSOL’s uplisting explicitly referenced the new generic listing standards.
What this means for investors
1) A familiar wrapper, now with yield mechanics.
For investors who prefer brokerage accounts to wallets and validators, staking inside an ETP is a significant convenience upgrade. You get spot exposure to ETH or SOL plus staking economics handled by the issuer and its providers. Grayscale’s announcement frames this as “first-mover” innovation in U.S. spot crypto ETPs.
2) NAV capture, not self-staking.
Unlike staking in your own wallet—where rewards arrive as new coins—here the fund captures rewards into NAV(net of provider fees and product expenses). The detail to watch is what percentage of net rewards flows through to investors. For GSOL, Grayscale described a 77% pass-through of net staking rewards to shareholders via NAV.
3) Risk still matters.
These products carry the usual crypto volatility plus staking-specific risks: lock-ups and unstaking periods, potential validator slashing, network downtime, and custody/operational considerations. The ETHE/ETH disclosures also remind buyers these are ETPs not registered under the 1940 Act, so they’re governed by a different rule set than traditional mutual funds and ETFs.
Competitive and policy context
Industry press and ETF trade publications quickly labeled Grayscale’s move an industry first in the U.S., noting the long line of firms building toward richer feature sets in spot crypto products. As staking normalizes inside regulated wrappers, expect other issuers to pursue similar capabilities for Ethereum first (where staking is mature) and Solananext (where on-chain activity is robust). The ETF Express report captured the same milestones and the nuance that ETHE/ETH are ETPs outside the 1940 Act’s scope.
On the regulatory side, the SEC’s generic listing standards remove a major bottleneck by avoiding case-by-case approvals for plain-vanilla commodity/crypto ETPs that meet criteria—part of a broader shift toward mainstreamed crypto market access in public markets. That context helps explain how GSOL could move from OTC quotation to NYSE Arca relatively quickly after staking went live.
The fine print investors shouldn’t skip
- Fees and reward splits: Staking introduces new economic flows—validator fees, operational costs, and pass-through formulas. Check the product page/prospectus for the net effect on NAV over time (Grayscale has referenced a 77% net pass-through for GSOL).
- Tax treatment: Staking reward treatment can vary by jurisdiction and wrapper; ETPs typically handle accrual inside the fund. Your personal tax outcome depends on your account type—ask a professional.
- Liquidity and market hours: Shares trade during exchange hours, not 24/7 like spot crypto. That can cut both ways for execution; use limit orders.
- Product status: Grayscale stresses that ETHE/ETH/GSOL are ETPs (not 1940 Act funds). That distinction affects governance, reporting, and risk frameworks versus ’40 Act ETFs you might hold for stocks and bonds.
Conclusion
With staking now live in ETHE, ETH, and GSOL, Grayscale has opened a new chapter for U.S. spot crypto ETPs: investors get regulated, exchange-traded exposure to Ethereum and Solana plus staking rewards captured via NAV—without running validators or managing keys. The launch leans on 2025’s SEC generic listing standards, which streamlined the path for crypto ETP innovation and helped clear the way for GSOL’s NYSE Arca debut with staking. It’s early, and the risk disclosures are not window dressing, but for many investors, the combination of familiar broker access and on-chain yield mechanics will be the headline.