21Shares Debuts Spot Solana ETF Amid Rising Institutional Demand for SOL Exposure

Quick Breakdown

• 21Shares debuts TSOL with a 0.21% management fee, the lowest among active US Solana ETFs.
• TSOL leverages 21Shares’ European ETP experience, offering 90% staking rewards to investors.
• The US spot Solana ETF market now has six operational funds amid strong institutional demand.

21Shares Launches Spot Solana ETF in the US

21Shares has officially launched a spot Solana ETF in the US market, expanding its growing lineup of crypto investment products at a time when institutional interest in SOL is accelerating.

The new fund is listed on the Chicago Board Options Exchange (CBOE) under the ticker TSOL and started trading with a management fee of 0.21%, according to a press release, making it the lowest among all active Solana ETFs in the country.

This spot ETF structure is unique because it holds actual SOL tokens instead of derivatives, providing a transparent reflection of SOL’s market value while removing the need to hold the token in a crypto wallet.

Its debut positions 21Shares as the latest entrant in a fast-growing segment that has gained momentum following a series of regulatory approvals for crypto-focused exchange-traded products.

The launch comes shortly after the company completed its final prospectus filing with the US Securities and Exchange Commission (SEC) on November 18, clearing the fund for public trading.

21Shares Solana ETF filing. Source: US SEC

CBOE’s approval removed the final procedural obstacle, allowing 21Shares to bring the ETF to market just as institutional flows into Solana-based products show remarkable strength.

TSOL joins the Solana ETF race, which has already seen entries from Fidelity, Bitwise, Canary Capital, Grayscale, and VanEck. Each issuer provides a different fee structure, staking model, and custody framework for its fund.

Solana ETFs saw more than $55 million in single-day inflows on November 19, according to SoSoValue data, marking consecutive days of inflows for the products, even while Bitcoin and Ethereum ETFs experienced net outflows.

Solana ETFs inflows. Source: SoSoValue

21Shares now joins a group of issuers catering to growing institutional interest in SOL, supported by the network’s maturing ecosystem, competitive staking yields, and expanding developer activity.

With TSOL now active, the US market hosts six operational spot Solana ETFs, highlighting a shift in how professional investors seek exposure beyond Bitcoin and Ethereum.

Solana’s Market Performance Pre and Post ETF Debuts

The rise of US spot Solana ETFs dates back to late October 2025, when Bitwise introduced the Solana Staking ETF (BSOL). The debut marked a milestone for Solana products, driven by the SEC’s gradually shifting stance on crypto ETFs, particularly those offering direct exposure to altcoins.

Its first-day trading volume exceeded $56 million, briefly marking the highest opening-day volume for any altcoin ETF in the US at the time.

This launch represented the first official recognition of Solana as a viable asset class for institutional investors, with the potential to challenge the dominance of Bitcoin and Ethereum ETFs. The success of BSOL triggered rapid follow-on activity.

Grayscale launched its Solana Trust (GSOL) a few days later, converting a pre-existing trust to provide direct market exposure. GSOL launched with over $100 million in net assets and $14 million in inflows for the second week of November.

Its 0.35% management fee was higher than most competitors, making it slightly less competitive on cost. VanEck followed with VSOL, offering zero fees until the fund reaches $1 billion in assets, or until February 17, 2026.

Fidelity entered next with FSOL, posting $3 million in first-day trading volume on NYSE Arca. It operates with a 0.25% management fee and a 15% charge on staking rewards, reinforcing institutional validation for Solana.

Alongside Fidelity’s FSOL, Canary Capital launched the Marinade Solana ETF (SOLC) on November 18th, a specialized staking-focused ETF that stakes 100% of holdings through Marinade Finance.

The launch of Solana funds is yet to readily impact its price, with the token still struggling below the $150 range following the recent market crash.

TSOL’s Global Expertise and Market Position

TSOL debuted with over $100 million in seed capital, among the largest initial seedings for a US crypto ETF.

The 0.21% expense ratio is the lowest permanent fee among Solana ETFs, not relying on temporary waivers. TSOL also returns 90% of staking rewards to investors, optimizing net yield. Shares closed with a NAV of $14.15, representing roughly $104 million in total assets.

21Shares stands out with years of experience in crypto-structured products. Its European ETP suite, including Solana, Bitcoin, Ethereum, and multi-asset funds, has grown into one of the largest collections of physically-backed crypto investment vehicles globally.

Its European Solana ETP surpassed $1 billion in assets by mid-November 2025, making it the world’s largest spot SOL product.

As CEO, Russell Barlow stated, “Since 2018, 21Shares has pioneered the innovation of crypto asset ETPs globally. Having launched our Solana ETP for European investors in 2021, 21Shares manages the largest spot Solana ETP in the world with over $1bn in assets under management. We are thrilled to leverage our nearly eight-year track record to bring TSOL to the US market.”

Building on that foundation, TSOL’s launch marks a new phase for US institutional Solana exposure. Like other spot Solana products, TSOL offers investors direct exposure to the price of SOL, removing the need to buy crypto.

Conclusion

21Shares frames TSOL as a strategic extension of Solana’s growing investor base. As Federico Brokate highlighted, “TSOL provides US investors with the opportunity to diversify their crypto exposure through one of the world’s most powerful blockchains.”

He also noted that “Solana’s efficiency and its large array of real-world use cases make it a potentially interesting investment for retail and institutional investors alike.” Together, these elements position TSOL not just as another product launch but as a sign of Solana’s expanding institutional footprint.

With experienced issuers like 21Shares entering the market and Solana maintaining strong performance, the asset’s institutional trajectory is set to deepen further in the next market phase.