…Rock taking a 0.25% sponsor fee plus 18% of the staking rewards on the way through. The Solana ETFs that the brief framed as pending actually launched in October of 2025. Solana ETF AUM crossed 1 billion by April 2026, with 49% of those assets held by registered investment advisers, and Goldman Sachs disclosing a $108 million position 13F filings. BlackRock has not entered this market yet, and when they do, given IBIT's 66.4% capture rate, expect them to take the lion's share of flows almost immediately. And this brings us to the regulatory architecture that made all of this possible, because none of it happens without the political pivot. Gary Gensler resigned on January 20th, 2025. Paul Atkins was confirmed as SEC chair in April with a fundamentally different philosophy, an advanced, clarify, transform framework that he himself described by sayi…