The race to launch a spot Solana ETF is picking up speed. On June 13, seven firms, including Fidelity, Grayscale, VanEck, and Franklin Templeton, filed new or updated S-1 statements with the U.S. Securities and Exchange Commission. What stood out across the board? Every single filing mentioned staking.
Fidelity submitted its first-ever S-1 for a Solana ETP. Other updates came from 21Shares, Bitwise, Galaxy Digital, Canary Capital, and Grayscale, which disclosed a 2.5% management fee. VanEck, which first filed for a spot Solana ETF back in June 2024, also amended its proposal, now including staking.
While the surge in filings has stirred optimism in the market, ETF analysts say it’s still early days. Bloomberg’s James Seyffart pointed out that the process won’t be instant. Drawing from the spot Bitcoin ETF timeline, he said the SEC will likely go through several rounds of discussions with issuers before any green light is given.
“I think there needs to be a back and forth with SEC and issuers to iron out details so i doubt it,” Seyffart posted on X. He added that while lessons from past ETF approvals may speed things up slightly, staking introduces new complexities regulators haven’t dealt with yet.
Seyffart noted that, similar to the Bitcoin ETF launch, there were “A LOT” of filings submitted in the months leading up to its approval.
Still, there are encouraging signs. Earlier this week, Blockworks reported that the SEC asked multiple issuers to update parts of their S-1s. The agency reportedly wanted more clarity on in-kind redemptions and how staking rewards would be handled. That kind of engagement, experts say, usually means the SEC is actively reviewing the applications.
Bloomberg’s Eric Balchunas believes we could be looking at approvals in the next two to four months. He even floated the idea of a potential “altcoin ETF summer,” with Solana leading the pack.
Solana’s growing momentum also gets a boost from its futures being listed on the CME. While not a formal requirement, CME futures are often seen as a favorable factor in ETF approval decisions.
So far, the SEC has only approved spot ETFs for Bitcoin and Ethereum. Several altcoin proposals, including funds tied to Avalanche, Dogecoin, and Hedera, are still pending. However, Solana appears to have a stronger shot, given its trading volume, growing ecosystem, and deeper institutional interest.
Also Read: BlackRock to File for XRP, Solana ETF Soon: Nate Geraci
