Coordinated S-1 Filings Suggest Solana ETF Approval Is Moving Forward

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News on seven firms, including Fidelity, filing amended S-1s for their spot Solana ETFs.
  • Solana ETF issuers file amended S-1s, signaling progress with SEC review.
  • CoinShares registers Solana Staking ETF entity in Delaware for yield-based exposure.
  • SEC introduces “Project Crypto,” shifting stance on crypto asset classification.

A group of financial firms seeking to launch spot Solana exchange-traded funds (ETFs) has submitted revised S-1 registration statements with the U.S. Securities and Exchange Commission (SEC), showing ongoing regulatory engagement and possible movement toward approval.

On Thursday, Franklin Templeton, Bitwise, Fidelity, Canary Capital, CoinShares, Grayscale, and VanEck submitted amended S-1 filings to the SEC. 

These updates were part of the process for launching Solana-based spot ETFs in the United States. Grayscale’s updated proposal included details about a 2.5% fund fee, which is to be paid in SOL, the native token of the Solana blockchain.

Industry participants noted that while the amended filings did not show major changes, they indicate ongoing communication between issuers and the SEC. 

Nate Geraci, president of NovaDius Wealth, commented via X that the amendments appear to be a revision of the language used in the registration documents. “Clearly dialogue w/ SEC and issuers are refining prospectus language,” he stated.

CoinShares Registers Solana Staking ETF Entity

Separately, CoinShares has taken a next step in its ETF strategy by registering an entity for a Solana Staking ETF in Delaware. The registration, dated June 10, 2025, shows the firm’s intention to offer exposure to SOL with the added mechanism of staking rewards.

Related: SEC Fast-Tracks Solana, XRP ETF Approval With New Crypto Rule

Staking ETFs incorporate the functionality of traditional exchange-traded funds with staking mechanisms that are native to proof-of-stake blockchains such as Solana. These funds hold the basic tokens and engage in network validation activities, generating yield for the fund and possibly its shareholders.

SEC Considers Broader Crypto ETF Market

The SEC is currently reviewing multiple spot ETF proposals tied to various cryptocurrencies. Alongside Solana, applications to list ETFs tracking assets such as XRP and DOGE are also under consideration.

Related: US SEC Approves Two Major Upgrades for Crypto ETFs: “In-Kind” Redemptions and 10x Options Limit

This follows the SEC’s approval earlier in the week of in-kind redemptions for spot Bitcoin and Ethereum ETFs and an increase in option limits for Bitcoin funds. On Thursday, SEC Chair Paul Atkins introduced “Project Crypto,” a new initiative aimed at modernizing the agency’s regulatory approach to digital assets. During the announcement, Atkins stated that “most crypto assets are not securities,” signaling a departure from previous SEC interpretations under earlier leadership.

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