Grayscale Solana Staking ETF (GSOL) is a Delaware Statutory Trust listed on NYSE Arca that holds Solana (SOL) tokens on behalf of investors. The Trust's sole objective is to track the price of SOL, net of fees, giving retail and institutional investors exposure to SOL through a regulated, exchange-listed security rather than through direct ownership on a digital asset platform. Each Share represents a fractional ownership of the SOL held by the Trust. A key feature is staking: since October 2025, the Trust stakes virtually all of its SOL holdings to earn additional SOL rewards, retaining a small unstaked buffer to handle redemptions. Of gross staking rewards, 77% flows back to the Trust (and ultimately shareholders), with the remaining 23% split among the sponsor, custodian, and staking provider. The sponsor, Grayscale Investments Sponsors, earns revenue through an annual Sponsor's Fee of 0.35% of NAV and a share of staking rewards. The Trust's fee revenue is directly tied to the price of SOL. Shares are created and redeemed only in blocks of 10,000 through Authorized Participants, currently via cash transactions. SOL is custodied by Coinbase Custody Trust Company and Anchorage Digital Bank using cold storage.