VanEck Launches Staking Rewards for Solana ETN

VanEck Europe has updated its Solana exchange-traded note (ETN) to offer staking rewards for investors in the European Union.

Now listed on Euronext Amsterdam, this $74 million product will reinvest daily Solana rewards, providing a new passive income stream for investors.

The staking rewards will be reflected in the ETN’s net asset value (NAV), and VanEck will charge a 25% fee on these rewards. This update follows a similar initiative for Ethereum staking rewards launched in April. Unlike its European counterpart, VanEck’s planned spot Solana ETF for the U.S. will not include staking.

Since late July, spot Ethereum ETFs have seen modest adoption, experiencing a collective $140,000 in net outflows. In contrast, Solana has drawn $58 million in inflows in 2024, outperforming other altcoins except Bitcoin and Ethereum.

VanEck initially filed its Solana product with the Cboe BZX Exchange, and similar filings have emerged from 21Shares and Grayscale. Following Brazil’s approval of a spot Solana ETF in August, VanEck’s Matthew Sigel suggested a U.S. approval may be on the horizon, especially with the presidential election approaching.