TL;DR
- VanEck launches VSOL, the third U.S. Solana ETF with staking rewards and zero fees until February 17 or $1B AUM.
- Fidelity's competing Solana ETF (FSOL) set to launch Tuesday, according to Bloomberg's Eric Balchunas.
- Grayscale expected to debut the first U.S. Dogecoin ETF on Nov. 24, pending exchange notice.
- Multiple altcoin ETFs crowd into market after SEC fast-track listing rule changes.
- Dogecoin ETFs from REX Shares and Osprey exist, but cannot directly hold DOGE due to 1940 Act restrictions.
- If approved, Grayscale's DOGE ETF will be the first to directly hold the memecoin in the U.S.
- Bitwise could also launch a spot DOGE ETF next week if the SEC doesn't intervene.
The flood of crypto ETFs keeps accelerating. VanEck kicked off the week by launching its Solana ETF, becoming the third issuer in the U.S. to offer a fund tied to Solana staking. It marks another step in the rapid expansion of altcoin ETFs following regulatory changes earlier this year-and it's far from the only product hitting the market.
More ETF approvals are lined up for the coming days, including a potential first-of-its-kind Dogecoin ETF from Grayscale. If the SEC stays silent through the current review window, the memecoin may soon have its own fully spot-backed ETF trading on the New York Stock Exchange.
The speed at which these products are arriving reflects just how much the U.S. regulatory environment for crypto ETFs has shifted since September. After the SEC updated its listing standards, issuers no longer need to wait for lengthy, fund-by-fund reviews. Instead, they can meet standardized criteria and launch almost immediately unless the agency objects.
That shift opened the floodgates-and we're now seeing the result.
VanEck's Solana ETF launches with staking rewards and zero fees
VanEck's new ETF, VSOL, officially launched Monday. The fund joins Bitwise and Grayscale, which rolled out their Solana staking ETFs in late October. Those two earlier funds attracted over $380 million in inflows, setting a strong precedent for VSOL's debut. Like its competitors, VSOL offers staking rewards. Solana tokens inside the ETF are locked on-chain to generate yield, giving investors exposure not only to SOL's market performance but also the additional rewards from staking activity.
VanEck is also being aggressive on fees. The firm waived its 0.3% management fee until February 17 or until the fund reaches $1 billion in assets-whichever comes first. Fee competition has become a defining theme of the crypto ETF race, and VanEck is clearly trying to secure an early edge.
The company wrote in its launch announcement that the product aims to give institutions and retail investors alike a more accessible path into the Solana ecosystem.
Fidelity steps into the arena next
While VSOL grabbed attention on launch day, the pace won't slow down. Bloomberg ETF analyst Eric Balchunas shared on X that the Fidelity Solana ETF (FSOL) is scheduled for release Tuesday. It will compete with three similar ETFs on the market, each charging around 0.25%.
Balchunas highlighted the significance by noting that Fidelity is
His view reflects how unusual it is for a race this competitive not to include the world's largest asset manager. BlackRock has dominated the Bitcoin ETF segment but has so far avoided Solana-themed products, leaving room for competitors like Fidelity, Grayscale, VanEck, and Bitwise to carve out market share.
With FSOL entering the market immediately after VSOL, the competition among issuers is intensifying-and fast.
A Dogecoin ETF is coming next week-if nothing gets in the way
If the Solana ETF launches sound like a wave, the Dogecoin ETF situation feels more like a spark that could ignite its own segment of the ETF world.
Eric Balchunas stated that Grayscale may debut the first spot Dogecoin ETF on November 24. That timeline stems from an amended regulatory filing earlier this month, which started a 20-day clock. If the SEC doesn't step in to object, Grayscale can go live immediately once the countdown ends.
Balchunas said:
The Grayscale Dogecoin Trust will convert into an ETF and trade on the New York Stock Exchange-assuming the exchange itself completes the final listing notice. That final step isn't guaranteed, which is why Balchunas added caution that it won't be "100%" until the exchange confirms.
If it goes through, it'll be the first U.S. Dogecoin ETF that actually holds DOGE directly on behalf of investors.
Why this DOGE ETF is different from previous ones
It's important to distinguish Grayscale's expected ETF from earlier DOGE products. In mid-September, REX Shares and Osprey Funds jointly launched a Dogecoin ETF under the Investment Company Act of 1940. That structure prevents them from directly holding DOGE. Instead, they could only invest through an offshore subsidiary.
It was a regulatory workaround-allowing exposure to the asset, but not direct custody. Grayscale, on the other hand, is converting an existing trust that already custodies Dogecoin. Once approved, the ETF will allow U.S. investors to access DOGE directly through a regulated exchange-traded product. It's a completely different category with a different level of legitimacy.
For a memecoin born as a joke, that's a remarkable arc.
Bitwise could follow shortly after
Bitwise remains another wildcard. A change in its regulatory filing earlier this month also triggered a 20-day clock for its spot Dogecoin ETF. If the SEC doesn't intervene, Bitwise could launch late next week as well.
That means the U.S. market could see two fully spot-backed Dogecoin ETFs within days of each other-an outcome that would've sounded outlandish a year ago. Between Solana and Dogecoin, altcoin ETFs are expanding at the fastest pace crypto has seen since the Bitcoin and Ethereum ETF approvals.
Why the SEC's rule change matters
Crypto ETF approvals used to take months, sometimes years. Issuers waited for comment rounds, amendments, and unpredictable delays. All that changed in September when the SEC updated listing standards.
Now, exchanges can list crypto ETFs through a standardized process, bypassing the old case-by-case scrutiny. Unless the SEC decides to object, an issuer can go live shortly after filing. This procedural change is the real catalyst behind the current surge. Without it, VSOL, FSOL, and the DOGE ETFs would still be sitting in review queues.
Several analysts believe this is the beginning of a long shift where altcoin ETFs become increasingly common-especially tokens with large, liquid markets.
Final thoughts
The rapid rollout of these products shows a market in transition. Solana and Dogecoin, two assets with very different histories and communities, are now joining the ETF landscape in the same week. That alone captures how much the ecosystem has broadened.
VanEck's VSOL launch, Fidelity's imminent FSOL debut, and Grayscale's expected spot Dogecoin ETF underline a new regulatory reality where altcoin ETFs can surface far more quickly than before. Investors now have access to staking yields, direct memecoin exposure, and a growing menu of on-chain assets delivered through traditional financial rails.
Whether this pace continues will depend on how the SEC handles future filings-and how the market absorbs these first waves. But for now, it's clear that the crypto ETF era is no longer just about Bitcoin and Ethereum. A whole new segment is taking shape.
