Grayscale Investments filed two 8-K forms with the U.S. Securities and Exchange Commission (SEC) on July 17, 2026, proposing amendments to the trust agreements for its Ethereum Staking ETF (ETHE) and Solana Staking ETF (GSOL). The changes would require each trust to convert staking rewards into cash and distribute the net proceeds to shareholders at least once per quarter, with the effective date set for around August 7.
The amendments formalize a process ETHE already executed in January 2026, when Grayscale sold Ethereum staking rewards earned between October and December 2025 and distributed roughly $9.39 million to shareholders, equating to approximately $0.08 per share. GSOL would follow the same cash-distribution framework, giving investors a direct way to compare staking income from both products.
Under the proposed structure, the trusts would sell the earned ETH or SOL before making distributions. Payment amounts are not guaranteed and will vary based on staking performance, network conditions, and deductions for expenses not covered by the sponsor. As of the latest filings, ETHE held $1.220 billion in net assets with gross staking rewards at 2.67%, while GSOL managed $101.13 million with rewards at 6.10%. Grayscale first introduced staking for these products on October 6, 2025, becoming the first U.S. crypto fund issuer to incorporate staking into spot exchange-traded products.
Tax treatment remains a critical component. Because the trusts operate under a grantor trust framework, U.S. investors are generally taxed on staking income when the trust receives the rewards, not when cash is distributed. The sale of ETH or SOL before distribution could also trigger capital gains or losses for shareholders. The filings emphasize that these amendments are designed to maintain compliance with IRS rules while preserving the funds' current tax status. A 20-day notice will be provided to investors before the changes take effect.
