Staking funds — realized ETH/SOL per share, annualized
| Ticker | Fund | Asset | Fee | Realized / yr | Expected / yr | Implied staking | Window | Confidence |
|---|---|---|---|---|---|---|---|---|
| BSOL | Bitwise Solana Staking ETF | SOL | 0.20% | +6.40% | +5.20% issuer-stated | +6.60% | 2025-12-31 → 2026-10-13 4 points · 286 days | developing |
| GSOL | Grayscale Solana Staking ETF | SOL | 0.35% | +4.06% | -0.35% fee only | +4.41% | 2025-12-31 → 2026-10-14 4 points · 287 days | developing |
| ETH | Grayscale Ethereum Staking Mini ETF | ETH | 0.15% | +1.28% | -0.15% fee only | +1.43% | 2025-12-31 → 2026-10-14 4 points · 287 days | developing |
| VSOL | VanEck Solana ETF | SOL | 0.30% | -0.25% | +4.14% issuer-stated | +0.05% | 2025-12-31 → 2026-10-13 4 points · 286 days | developing pays rewards in cash |
| ETHE | Grayscale Ethereum Staking ETF | ETH | 2.50% | -2.93% | -2.50% fee only | -0.43% | 2025-12-31 → 2026-10-14 4 points · 287 days | developing |
Realized is the annualized change in coins per share over the window. Expected is what the issuer's own numbers imply where it publishes a reward rate, otherwise just −fee. Implied staking adds the fee back: it's what staking contributed after the fee was paid. Confidence rises with the length of the window and the number of filing-dated points.
What the numbers say
BSOL's SOL per share went from 0.131555 on 2025-12-31 to 0.138105 on 2026-10-13 (+4.98% over 286 days, +6.40% annualized). The issuer's stated parameters imply about +5.20% a year net of the 0.20% fee; the measured +6.40% is +1.20 points above that.
GSOL's SOL per share went from 0.0733661 on 2025-12-31 to 0.0757001 on 2026-10-14 (+3.18% over 287 days, +4.06% annualized). After the 0.35% fee this implies staking is adding roughly +4.41% a year in SOL per share.
⚑ Measured from 2025-12-31, the first point after staking began (2025-10-06); earlier points reflect the pre-staking structure.
ETH's ETH per share went from 0.00944277 on 2025-12-31 to 0.00953787 on 2026-10-14 (+1.01% over 287 days, +1.28% annualized). After the 0.15% fee this implies staking is adding roughly +1.43% a year in ETH per share.
⚑ Measured from 2025-12-31, the first point after staking began (2025-10); earlier points reflect the pre-staking structure.
VSOL's SOL per share went from 0.13016 on 2025-12-31 to 0.1299 on 2026-10-13 (-0.20% over 286 days, -0.25% annualized). This fund stakes but pays rewards out in cash, so the per-share coin count does not compound; the drop at each distribution is the payout, not a loss.
⚑ Staking rewards are paid out as cash distributions; coins-per-share steps down at each payout, so this figure understates total return to a shareholder.
ETHE's ETH per share went from 0.00821015 on 2025-12-31 to 0.00802066 on 2026-10-14 (-2.31% over 287 days, -2.93% annualized). That is close to or below the 2.50% fee alone, so retained staking rewards are not visibly offsetting the fee yet.
⚑ Measured from 2025-12-31, the first point after staking began (2025-10); earlier points reflect the pre-staking structure.
The control group — funds with no staking
If the method is right, a spot ETF that doesn't stake must lose coins per share at exactly its fee. It does — the largest error across the three is 0.04 percentage points.
| Ticker | Fund | Asset | Fee | Realized / yr | Expected (−fee) | Error | Window | Confidence |
|---|---|---|---|---|---|---|---|---|
| IBIT | iShares Bitcoin Trust ETF | BTC | 0.25% | -0.21% | -0.25% | +0.04% pts | 2024-12-31 → 2026-10-13 7 points · 651 days | established |
| FBTC | Fidelity Wise Origin Bitcoin Fund | BTC | 0.25% | -0.26% | -0.25% | -0.01% pts | 2024-12-31 → 2026-10-14 7 points · 652 days | established |
| GBTC | Grayscale Bitcoin Trust ETF | BTC | 1.50% | -1.49% | -1.50% | +0.01% pts | 2024-12-31 → 2026-10-14 7 points · 652 days | established |
Interval by interval
Quarter-end points come from the funds' 10-Q and 10-K filings; the last point is the issuer's current figure. Watch for a fund's rate changing when a fee waiver expires, when staking begins, or when rewards are paid out.
| Interval | Days | Change | Annualized | Note |
|---|---|---|---|---|
| 2025-12-31 → 2026-03-31 | 90 | +1.93% | +8.05% | |
| 2026-03-31 → 2026-06-30 | 91 | +1.37% | +5.63% | |
| 2026-06-30 → 2026-10-13 | 105 | +1.60% | +5.67% |
| Interval | Days | Change | Annualized | Note |
|---|---|---|---|---|
| 2024-12-31 → 2025-09-30 | 273 | -1.85% | -2.47% | |
| 2025-09-30 → 2025-12-31 | 92 | +1.01% | +4.08% | |
| 2025-12-31 → 2026-03-31 | 90 | +1.32% | +5.48% | |
| 2026-03-31 → 2026-06-30 | 91 | +1.13% | +4.60% | |
| 2026-06-30 → 2026-10-14 | 106 | +0.70% | +2.42% |
| Interval | Days | Change | Annualized | Note |
|---|---|---|---|---|
| 2024-12-31 → 2025-09-30 | 273 | -0.10% | -0.14% | |
| 2025-09-30 → 2025-12-31 | 92 | +0.31% | +1.25% | |
| 2025-12-31 → 2026-03-31 | 90 | +0.37% | +1.53% | |
| 2026-03-31 → 2026-06-30 | 91 | +0.42% | +1.71% | |
| 2026-06-30 → 2026-10-14 | 106 | +0.21% | +0.72% |
| Interval | Days | Change | Annualized | Note |
|---|---|---|---|---|
| 2025-12-31 → 2026-03-31 | 90 | +1.45% | +5.99% | |
| 2026-03-31 → 2026-06-30 | 91 | +1.08% | +4.39% | |
| 2026-06-30 → 2026-10-13 | 105 | -2.67% | -8.98% |
| Interval | Days | Change | Annualized | Note |
|---|---|---|---|---|
| 2024-12-31 → 2025-09-30 | 273 | -1.85% | -2.47% | |
| 2025-09-30 → 2025-12-31 | 92 | -0.23% | -0.91% | |
| 2025-12-31 → 2026-03-31 | 90 | -0.89% | -3.57% | |
| 2026-03-31 → 2026-06-30 | 91 | -0.61% | -2.42% | |
| 2026-06-30 → 2026-10-14 | 106 | -0.82% | -2.81% |
From the filings: staking rewards received vs. fees paid, in coins
Some issuers itemize, in their 10-Q, how many coins the trust received from staking and how many it transferred out to pay the sponsor fee. Year-to-date figures as filed:
| Fund | Period | Staking rewards (coins) | Sponsor fee (coins) | Rewards ÷ fee | Source |
|---|---|---|---|---|---|
| BSOL | 2026-03-31 (YTD) | 93,964.51 | 1,053.00 | 89× | filing ↗ |
| BSOL | 2026-06-30 (YTD) | 202,823.80 | 4,874.69 | 42× | filing ↗ |
| ETHE | 2025-09-30 (YTD) | — | 59,535.28 | — | filing ↗ |
| ETHE | 2025-12-31 (YTD) | — | 75,001.92 | — | filing ↗ |
| ETHE | 2026-03-31 (YTD) | — | 8,070.90 | — | filing ↗ |
| ETHE | 2026-06-30 (YTD) | — | 15,229.94 | — | filing ↗ |
Grayscale reports staking income in dollars rather than coins, so its funds don't appear here; their accretion is measured from the per-share series above instead.
How this is measured
annualized = (coins_per_share_last / coins_per_share_first)^(365/days) − 1, over the latest window with no single-interval move beyond ±10% (treated as a split/corporate action). Staking funds are measured from the first point after staking began.
non-staking: −fee. Staking with issuer-published parameters: net reward × % staked − fee (unless the issuer's net figure is already after fees). Staking without published parameters: −fee, so the gap equals the implied staking contribution.
Quarter-end points from SEC 10-Q/10-K (Schedule of Investments ÷ shares outstanding); current points from issuer pages. Derived (NAV-based) rows are excluded. established ≥300 days & ≥4 points; developing ≥150 days & ≥3 points; otherwise early.
Not yet measurable (one dated point so far; a second arrives with the next weekly snapshot or 10-Q): BTC, BITB, ARKB, HODL, MSTR, ETHA, FETH, LTCC, LITS, PURR, XRPC, XRPZ, XRP. The raw inputs are in history/index.json and the computed results in accretion.json; the same figures are available to AI agents through the DollarTrader MCP server (get_staking_accretion).
For informational purposes only — not financial advice. Coins-per-share accretion is one input among many (price, liquidity, tax treatment, distributions); a fund that distributes rewards in cash is not "worse" than one that retains them. Figures are reproduced from issuer and SEC disclosures as of the dates shown and may be revised.