The Vault: Project Update

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Biggest Stories of 2025

• DeFi Technologies' subsidiary Valour received approval from Brazil's B3 exchange to list Valour Solana (VSOL), offering BRL-denominated exposure to Solana, with trading scheduled to begin on December 17, 2025 — This marked Valour's first major market foothold outside of Europe, deepening its Brazilian product suite and providing institutional-grade, exchange-traded access to the Solana Layer 1 ecosystem 5. (December 16, 2025)
• Gemini was selected as the custodian for VanEck's Solana ETF (VSOL), the third Solana ETF in the U.S. to include staking rewards — This partnership built upon Gemini's existing custodian roles for VanEck's Bitcoin Trust and Ethereum ETF, emphasizing compliance and secure asset segregation 3. (December 3, 2025)
• 21Shares launched TSOL, the sixth U.S. Solana ETF, listed on Cboe BZX with a 0.21% fee and staking component — The U.S. Solana ETF market expanded to include six products, with total assets exceeding $593 million and Bitwise's BSOL dominating over 80% market share 4. (November 19, 2025)
• VanEck's Solana staking ETF (VSOL) began trading on Nasdaq — The ETF launched with $10 million in seed capital and a 0.30% fee (waived for three months), providing direct exposure to spot SOL while staking 99.7% of holdings through third-party providers for a reported gross staking yield of 6.65% 12. (November 17, 2025)
• Marinade Select, the enterprise-grade staking service, surpassed 3.1M $SOL in TVL (~$436M) by November 2025, achieving threefold growth in that month — Institutional adoption of Solana staking accelerated in 2025, with LSTs increasing their share of total staked $SOL from approximately 11% in early 2025 to over 14% by October 2025 6. (November 15, 2025)