- CoinShares is the eighth firm to file for a U.S. spot Solana ETF with the SEC in 2025.
- SEC now requires ETF issuers to address staking and redemption in updated Solana filings.
- Solana’s TVL has reached $8.7B, making it the second-largest programmable blockchain.
The race to launch a spot Solana ETF in the United States has intensified, as major European asset manager CoinShares has officially filed a Form S-1 with the U.S. Securities and Exchange Commission (SEC), on June 11, 2025.
The move is fueling market optimism and confirms analysts’ predictions that Solana is the top contender to become the next cryptocurrency with a spot ETF in the U.S.
CoinShares Joins a Crowded Field of Seven Other Applicants
CoinShares becomes the eighth asset manager to seek SEC approval for a spot Solana ETF, joining industry leaders such as Fidelity, Grayscale, VanEck, 21Shares, Invesco Galaxy, and Franklin Templeton.
Bloomberg ETF analyst Eric Balchunas confirmed CoinShares’ entry, noting on X that competition continues to grow, with multiple firms updating their filings in response to SEC engagement. This proactive dialogue is largely viewed as a decisive and positive step in the approval process, with some analysts putting the chance of approval at 90%.
The “Staking” Debate Remains a Key Hurdle for Approval
A central point of discussion between the SEC and the applicants is the issue of staking. The majority of the new ETF filings, including the one from CoinShares, address staking as a potential feature, reflecting Solana’s proof-of-stake model.
This is a key difference from the spot Ethereum ETFs approved earlier this year, which do not allow the funds to earn staking rewards for investors. CoinShares’ application proposes a non-staking custody structure initially, in an apparent attempt to streamline approval, while offering a path toward including staking in the future if regulators allow it. The SEC now has up to 240 days to review and decide on the CoinShares Solana ETF Trust, with the next major deadline in March 2026.
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