VanEck’s new Solana ETF (VSOL) officially launched Monday, entering a fast-growing field of staking-enabled Solana funds from Bitwise and Grayscale, which have already drawn more than $380 million since late October. The ETF offers staking rewards to investors holding Solana within the fund, and VanEck is waiving its 0.3% management fee until February 17 or until VSOL reaches $1 billion in assets — an aggressive move to capture early market share after the SEC’s September rule change accelerated crypto ETF approvals.

Competition is set to intensify as Fidelity prepares to debut its own Solana ETF (FSOL) on Tuesday. Most Solana ETFs charge around 0.25%, and analysts note that Fidelity is the largest asset manager entering the Solana category, with BlackRock still absent. The expanding lineup highlights accelerating demand for altcoin exposure beyond Bitcoin and Ether.

More altcoin ETFs are approaching launch, including Grayscale’s Dogecoin ETF, which could go live as early as November 24. Bitwise may follow shortly, underscoring a widening push by issuers to lead the next phase of crypto investment products.