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ETH 
SOL Grayscale plans to open quarterly cash dividends for Ethereum and Solana Pledged ETFs
Grayscale announced that it plans to implement quarterly cash dividends for investors in its Ethereum Pledged ETF (ETHE) and Solana Pledged ETF (GSOL), bringing greater predictability to holders of these pledged products. The company expects the new dividend model to be launched as early as August, subject to regulatory approval.
Quarterly cash dividends for pledge awards
On July 17, Gray submitted an amendment to the U.S. Securities and Exchange Commission to update the dividend process of ETHE and GSOL. The new system will convert pledge rewards generated by ETFs into cash and distribute the proceeds to shareholders at least once a quarter. Unlike previous ways in which pledged rewards were retained in native tokens, this proposal ensures that investors receive cash rather than additional ETH or SOL.
Dividends are expected to be paid at least quarterly and will be implemented after deducting any expenses not borne by the promoters. The plan does not have a fixed dividend date, and gray scale can flexibly choose to pay dividends more frequently based on market conditions and the availability of rewards.
The amount of each dividend will depend on the total awards and related costs for the current period. Tax effects and operating expenses are also included in the total amount ultimately allocated to investors.
Grayscale's proposed structure requires selling pledge awards for ETH or SOL before distributing the proceeds to shareholders, which makes the entire process more transparent and may better align with investors 'expectations for regular income.
Direct comparison of Ethereum and Solana pledged products
The updated model is based on systems that Gray had previously tested on ETHE. In January 2026, the company converted the pledge rewards it received in the last quarter of 2025 into cash and distributed approximately US$9.39 million to shareholders. The new amendment extends the system to GSOL, establishing a unified process for Ethereum and Solana Pledge ETFs.
Industry sources pointed out that developing a unified timetable and dividend mechanism will allow investors to directly compare the cash returns of the two products. This consistency eliminates confusion caused by different dividend structures and provides a clear way to track pledge performance and earnings.
The new timetable provides investors with a clear and consistent way to pay dividends, and whether they invest in ETHE or GSOL, there is no need to compare different methods.
Transparency in dividend calculations and timing remains a top concern for the broader cryptocurrency ETF market, especially as the relationship between rewards, market fluctuations and fees continues to be a focus.
Expenses, tax effects and variable results
Although the proposed timetable makes dividend timing more predictable, the actual amount allocated each quarter still depends on pledge rewards, expense deductions, and tax treatment. Under the Grantor Trust Framework, U.S. investors are required to recognize taxable pledge income when the trust receives an award, rather than when cash is actually paid.
Converting pledged ETH or SOL into cash before dividends may cause further capital gains or losses to shareholders, and the specific results vary depending on each investor's position and the market price at the time of sale.
If the amendment is approved in early August, investors in ETHA and GSOL will receive regular cash dividends for the first time under the new system. This will provide a standardized dividend process, but the specific amount will be flexibly adjusted based on quarterly pledge results and related costs.
