Grayscale Slashes SOL ETF Fee to 0.19% as MSOL Eyes 0.14% — The Race to the Bottom Is On 🏁

Grayscale has cut the annual fee on its Spot Solana exchange-traded fund to 0.19% from 0.35%, matching Franklin Templeton as the lowest-fee Solana ETF currently available, according to a social media post highlighted across the market. The reduction was disclosed Thursday in amended Form S-1 statements filed with the U.S. Securities and Exchange Commission, in which the firm also signaled plans to undercut existing offerings with a 0.14% fee for its forthcoming Solana ETF (MSOL).

The move follows Morgan Stanley's own entry into the Solana ETF space and reflects intensifying fee competition among issuers seeking institutional allocation. On the same day, the Kazakhstan Stock Exchange (KASE) listed the Volatility Shares Solana ETF (SOLZ), broadening distribution channels across Central Asia.

Meanwhile, broader crypto markets remain under pressure. Over $100 billion has exited the sector this week, pulling total market capitalization down to $1.99 trillion — a level last recorded in September 2024. Solana has tracked the wider pullback, posting a 5.7% weekly decline, with analysts flagging a possible test of $60 if selling persists.

Institutional positioning continues alongside the weakness. Solana's real-world asset (RWA) ecosystem has surpassed $3.10 billion in total value, reaching a new all-time high, while the number of RWA holders has crossed 290,000. Multicoin Capital co-founder Tushar Jain described Hyperliquid (HYPE) as "complementary" to the firm's SOL exposure, noting that Solana leads in spot trading while Hyperliquid leads in derivatives, and that Multicoin expects both to outperform the broader field.