- Seven asset managers filed updated S-1 registration statements for spot Solana exchange-traded funds (ETFs) with the U.S. Securities and Exchange Commission (SEC) on June 13.
- Analyst James Seyffart believes approval is unlikely in the immediate future and expects additional review steps.
- All filings included language about staking, a feature that allows cryptocurrency holders to earn rewards for validating transactions.
- Spot Ether (ETH) ETFs are also under consideration for staking features, and simultaneous approval for Solana and Ether staking is possible, according to Seyffart.
- Market speculation continues, with Bloomberg Intelligence estimating a 90% approval chance for a Solana ETF in 2025.
On June 13, seven companies submitted initial or revised S-1 registration statements for spot Solana (SOL) exchange-traded funds with the U.S. Securities and Exchange Commission. The companies included Fidelity Investments, 21Shares, Franklin Templeton, Grayscale Investments, Bitwise Investments, Canary Capital, and VanEck. They propose new funds that would allow investors direct exposure to Solana through regulated financial products.
Bloomberg ETF analyst James Seyffart stated that immediate approval is unlikely. He cited the need for ongoing discussions between issuers and the SEC before any product launch. Seyffart pointed to the long pre-launch process seen with the spot Bitcoin ETF, which began trading in January 2024 after over a decade of regulatory steps.
“I think there needs to be a back and forth with the SEC and issuers to iron out details, so I doubt it,” Seyffart said in a public post. He added that all recent Solana ETF filings included “staking language,” referring to the potential for funds to earn rewards by helping validate transactions on blockchain networks. Seyffart noted that, unlike spot Bitcoin or Ether ETF approvals, there is little precedent for staking to guide the review process.
A similar move is underway with spot Ether (ETH) ETFs. Regulators are still considering whether to allow staking as part of those investment products. Seyffart said in another post it is theoretically possible for both Solana and Ether spot ETFs to receive simultaneous approval for staking features, but offered no prediction on the timing.
In April, Bloomberg Intelligence raised its estimated chance of the SEC approving a Solana ETF in 2025 to 90%. Earlier this week, Bloomberg’s Eric Balchunas said the market should prepare for a potential surge in alternative coin ETFs, with Solana as a likely leader.
Interest in Solana products continues following reports that futures open interest for Solana reached $7.4 billion as speculation about ETFs grows. Some Ether ETF issuers remain optimistic about offering staking products soon, according to ConsenSys founder Joe Lubin in a January interview.
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