Grayscale's GSOL Adds $20.2M as Solana ETFs Shed Assets

Grayscale's Solana fund keeps taking money in, but almost all of it arrived in two bursts. The Grayscale Solana Trust ETF, ticker GSOL, took in $18.5 million on 25 September and $5.4 million on 1 October, then gave back $3.7 million on 6 October, according to Farside's daily flow table for US Solana ETFs. That nets to about $20.2 million, with GSOL sitting at zero on nearly every other session in the table.

The rest of the US Solana ETF market has been moving the other way.

Two Sessions Carry GSOL's $20.2 Million

Farside's summary rows show why GSOL's line looks like a staircase rather than a slope. Its biggest single day is $18.5 million, its smallest is a $5.2 million outflow, and its daily average across the table is $0.7 million. Bitwise's BSOL has a biggest day of $69.5 million.

The mechanics behind those steps are ordinary. When an ETF takes in money, an authorized participant hands over the underlying asset and receives newly issued shares, so buying shows up on the days the trades are struck.

For GSOL those days have been rare and large. Two inflow sessions and a single $3.7 million outflow carry the whole period, and the fund's cumulative total on the table now reads $165.9 million.

The Group Around It Is Shrinking

US Solana ETFs lost about $24.8 million in the week ending 9 October, their first negative week after 14 straight weeks of inflows. Money left the funds on seven of the first eight trading sessions in October.

The rows since then have not turned. On 12 October the group shed $0.7 million, all of it VanEck's VSOL, and GSOL sold nothing. The 13 October row is another $1.0 million out, all of it BSOL. Net outflows across the eight US sessions from 1 to 12 October come to about $30.12 million, with 2 October the only inflow day, at $1.30 million.

Scale matters here. US Solana ETFs hold $1.72 billion in net assets against $1.58 billion of cumulative investment, so the week's withdrawal was about 1.4% of assets. Farside's running totals, in millions of dollars, put BSOL at 1,197.8, FSOL at 230.5, GSOL at 165.9, MSOL at 42.5, VSOL at 20.4, SOEZ at 13.3 and TSOL at minus 97.5, for a group total of 1,573.

A $102.7 Million Seed and a 7% Staking Fee

GSOL did not start from zero. Farside flags its $102.7 million seed as a conversion from a prior Grayscale product, the same note attached to a bigger $222.9 million row for BSOL. That money was already inside a Grayscale vehicle, so it says less about fresh demand than the two creations in late September and early October do.

Fees are where the funds differ most. GSOL takes 7% of staking rewards, against 6% at BSOL, 25% at VSOL, 15% at FSOL and 5% at MSOL, and its management fee is 0.19%.

The product has a longer tail than this month's flows suggest. Grayscale launched the trust in 2021, began staking in October 2025, and uplisted it to NYSE Arca under the GSOL ticker on 29 October 2025. It was the first Grayscale staking product to move up under the SEC's generic listing standards, and staking returns are captured in the fund's NAV rather than paid out. Grayscale's stated plan is to pass 77% of staking rewards through to holders on a net basis.

SOL Falls While the Fund Buys

Fund flows and price have pulled in opposite directions. Solana traded near $106.30 on Wednesday 14 October, down 3.6% in 24 hours, about 11.7% over seven days and 11.1% over 14 days, though still 6.7% higher over 30 days, per CoinGecko data.

The volume sits mostly in derivatives. SOL futures turned over $9.19 billion in the 24 hours to 13 October, more than ten times the $845.70 million done on spot, and $60.36 million of positions were liquidated, $56.25 million of them longs.

What comes next sits in the flow rows. Farside has added only two sessions for the week beginning 12 October, both negative for the group and flat for GSOL, so the fund's direction since then is not yet visible. Hong Kong listed its second spot Solana ETF on 13 October, which widens the field competing for the same asset.