While Bitcoin and Ethereum ETFs are gaining traction, seven large asset managers submitted updated filings to the U.S. Securities and Exchange Commission (SEC) for proposed Spot Solana exchange-traded funds on Thursday. The firms involved include Grayscale, VanEck, Bitwise, Fidelity, Franklin Templeton, Canary Capital, and CoinShares.
These changes bring their S-1 registration statements in line with recent discussions with the SEC, which is still reviewing whether to allow funds tied directly to Solana’s market price.
Their filings were submitted separately but follow a clear pattern. Each includes new details around how the funds would operate, including: how they plan to store SOL, who would act as custodian, and how they would handle share creation and redemption.
Some filings now mention the use of “in-kind” redemptions, where funds are settled in SOL rather than cash. Others include sections on staking, which would allow funds to earn rewards by locking up a portion of the SOL they hold.
Grayscale, for example, plans to charge a 2.5% fee and will use Coinbase for custody. Bitwise and VanEck are exploring staking through third-party platforms such as Jito or Marinade, according to their amended S-1 filing.
These are technical additions, but they show how serious firms are about launching more advanced crypto-based assets as we have been seeing with Ethereum ETFs.
Caution, Risks, and What Comes Next
Approval, however, is not certain. Regulators remain careful with crypto funds linked to smaller tokens or staking. Backers say a Solana ETF would give investors simpler access to SOL through standard markets.
The ETFs would also bring more attention to Solana’s ecosystem, which is already dominating in areas like DeFi, meme coins, and dApps seeing quicker transaction settlements. On the other hand, critics say Solana still faces technical risks and has seen network outages in the past. They also warn that staking may raise legal questions.
If approved, Solana would be the third cryptocurrency after Bitcoin and Ethereum to get a U.S. spot ETF. The approval could also bring more trading activity and interest from larger investors as well as pave the way for other altcoins.
Also Read: Strategy CEO Calls Firm Stock Undervalued After $10B Profit in Q2
