- Nine major firms have updated Solana ETF filings to include staking disclosures
- SEC’s active review and post-election stance suggest higher chances of ETF approvals
- Approved Solana ETFs could boost liquidity, adoption, and portfolio diversification
The race to launch a U.S. spot Solana (SOL) exchange-traded fund (ETF) has entered a decisive new stage, with all known applicants making a significant, uniform change to their filings. According to analyst MartyParty, nine financial firms had applications in the pipeline as of July 31, 2025, each now amended to include provisions for staking.
A Coordinated Strategy Among Applicants
This series of amendments signals a coordinated strategy to align with the Securities and Exchange Commission’s (SEC) expectations. VanEck and 21Shares were early movers, filing their Solana ETF proposals in June 2024. Both have updated their filings in June 2025 to include staking, a critical aspect of Solana’s ecosystem where over 67% of its token supply is currently locked. Analysts believe 21Shares may see quicker approval due to its prior success with crypto products.
Later entrants, including Canary Funds, Bitwise, and Grayscale, followed a similar path. Canary’s ETF, sometimes listed as the Canary Marinade Solana Trust, has also integrated staking in its filings. Bitwise, meanwhile, added staking language in its June 2025 amendment and submitted a 19b-4 rule filing earlier in January.
Related: Solana Staking Enters Wall Street: First U.S. ETF SSK Launches With On-Chain Rewards
Grayscale, aiming to convert its existing Solana trust into an ETF, faces a delayed review, now extended to October 10. While the SEC has slowed Grayscale’s process, it acknowledged a key filing in February and continues discussions.
Market Implications and Regulatory Landscape
Several heavyweights such as Franklin Templeton, Fidelity, CoinShares, and Invesco have entered the race more recently. All have integrated staking terms, complying with the SEC’s informal guidance issued earlier this year. Invesco and Galaxy Digital jointly filed their ETF in June 2025, submitting their 19b-4 paperwork just before the July 30 refiling deadline.
The SEC appears to be following a familiar roadmap, akin to its Bitcoin and Ethereum ETF reviews. This includes triggering 240-day decision windows from the date of each 19b-4 submission. However, growing institutional interest in Solana, combined with political tailwinds favoring digital assets, could accelerate approvals.
Related: The Race for a Spot Solana ETF Intensifies as European Giant CoinShares Files in the US
If greenlit, these ETFs could transform how investors access Solana. Besides opening the door to broader institutional adoption, ETFs will likely drive higher liquidity and reduce the complexity of owning SOL. Moreover, they may soon become essential components of diversified crypto portfolios, reflecting Solana’s growing stature in the blockchain world.
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