VanEck names SOL Strategies to stake Solana ETF

SOL Strategies will manage the staking of SOL held in VanEck’s planned spot Solana ETF through its Orangefin validator, the companies announced on Monday, November 17. The appointment follows VanEck’s recent Form 8-A filing with the SEC as it readies the fund for listing.

SOL Strategies will use Orangefin, a validator it acquired in December. The Toronto-based firm runs ISO 27001- and SOC 2-certified validators securing roughly CAD$610 million ($437 million) in staked assets.

SOL Strategies’ proven track record in validator operations and institutional focus made them a natural choice for our Solana ETF staking requirements,

– noted Kyle DaCruz, director of digital assets product at VanEck.

This selection validates our infrastructure capabilities and highlights the institutional interest in compliant, high-performance Solana staking solutions,

– said Michael Hubbard, the firm’s interim CEO. 

The company said the mandate fits its focus on linking traditional finance with decentralized infrastructure.

SOL Strategies rebranded from Cypherpunk Holdings last year to concentrate on investments and operational roles within the Solana ecosystem. The firm reports holding 524,000 SOL in its treasury. Its shares trade on the Canadian Securities Exchange under HODL and on the Nasdaq Capital Market under STKE. On Friday, HODL closed down 5.85% at CAD$3.38, while STKE finished 6.23% lower at $2.41.

In the U.S., two Solana ETFs-Bitwise’s BSOL and Grayscale’s GSOL-have launched. Since BSOL’s first day of trading on Oct. 28, the pair has drawn a combined $382 million in net inflows.Earlier this year, VanEck also filed to list a U.S. ETF backed by Lido’s stETH, seeking to give traditional investors access to Ethereum staking rewards through a listed product. Lido’s stETH represents staked ETH and accounts for roughly 27% of all staked ETH and over 75% of liquid staking tokens, while ETH staking yields hover around 3%–4% annually.