Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
Following
SOL Gray Investment has filed an application with the SEC to convert the Solana Staking ETF into a regular dividend product.
Gray Investment has filed an application with the U.S. Securities and Exchange Commission (SEC) to adjust its Solana Staking ETF to a product that distributes earnings regularly to shareholders. The fund revised the terms of GSOL (Gray Solana Trust) to allow it to convert pledge awards into cash at least quarterly and distribute net proceeds to stakeholders.
Gray Asset Management filed a new proposal with the SEC this week. The proposal aims to change the original structure of ETFs and require trust funds to convert their pledge proceeds into cash at least quarterly. The company plans to distribute the proceeds to shareholders after deducting related expenses.
Gray Reorganizes GSOL to provide regular income
According to the submitted documents, Gray has begun to pledge all SOL it holds. The current annualized rate of return on these pledge rewards is approximately 6.1%. Under the original structure, the accumulated income within the fund will gradually be reflected in the net asset value.
However, under the newly proposed trust agreement, Gray will cash these awards into U.S. dollars on a quarterly basis, distributing the proceeds directly to investors after deducting trust expenses and sponsorship fees.
The document carefully states that a fixed dividend should not be expected. The allocation amount will depend on the pledge income actually received by the trust in each period and cannot be accurately predicted. According to the documents, the quarterly dividend amount will vary based on the performance of the validators on Solana's network and the pledge yield at the time.
Gray also used the same document to formally determine the fee changes it had begun to implement gradually before the release of this announcement. Starting from June 25, the sponsorship fee has been reduced from 0.35% to 0.19%. Gray also reduced pledge fees from 23% to 7%, thereby increasing potential returns for investors.
However, Gray also pointed out that the new structure may have different tax impacts on investors. The company advised its shareholders to consult its own tax advisers about the possible consequences of the new fund agreement.
The proposed changes will take effect on August 7, giving shareholders several weeks to assess the practical significance of Solana's quarterly revenue stream to their portfolio.
Gray's SOL ETF
Gray launched the SOL ETF as a non-public offering in November 2021 and has been trading over-the-counter for many years, and was finally listed on the NYSE Arca Exchange on October 29, 2025. Shortly after the fund allowed ordinary investors to trade directly through the exchange, Gray began pledging its SOL holdings.
As early as January of the same year, Gray had implemented the same strategy for its ETH ETF, so this adjustment of the SOL ETF is more like a copy-and-paste model that has been effective.
