Bitwise, Fidelity, Canary Capital, and other entities filed S1 amendments for a Solana-based ETF
In a significant development for the cryptocurrency market, multiple asset managers have filed amended S-1 registration statements for Solana spot exchange-traded funds (ETFs) with the Securities and Exchange Commission (SEC). This move comes as the SEC and ETF issuers are in serious dialogue, according to Bloomberg's Eric Balchunas and ETF Store's Nate Geraci.
The list of asset managers includes industry heavyweights such as Grayscale, VanEck, Bitwise, Canary Capital, Franklin Templeton, Fidelity, and CoinShares. CoinShares, in a unique approach, has proposed a Solana Staking ETF, offering a one-of-a-kind opportunity for US-based investors to earn passive income via staking rewards.
The SEC's approval outlook for these spot Solana ETFs is promising, with Bloomberg analysts estimating a 90% chance of SEC approval. However, the approval process for products explicitly incorporating staking features, such as Solana Staking ETFs, remains more uncertain.
Industry experts currently project a roughly 95% probability of SEC approval for spot Solana ETFs based on these developments. If approved, spot Solana ETFs would join existing Bitcoin and Ethereum spot ETFs approved in the US. The recent automatic approval and launch of the REX-Osprey Solana and Staking ETF under a different regulatory approach indicate some regulatory openness to staking concepts.
The filings address custodianship and staking disclosures, reflecting active dialogue with the SEC. The SEC has been pushing issuers to refile by the end of July 2025, with a first formal deadline for approval set for October 10, 2025.
Grayscale's filing for a Solana spot ETF stands out as the firm plans to charge its 2.5% fee in SOL tokens instead of traditional dollars. This move could potentially attract more Solana holders to the ETF, aligning with the cryptocurrency's native token.
However, the bullish momentum for Solana seems to be waning, with momentum indicators like MACD, RSI, and BoP suggesting a slowdown. The price of Solana is currently resting just above horizontal support in the $165-168 zone after a rejection from the upper boundary of a rising wedge. A close back above $180 could potentially restart the uptrend for Solana.
It's important to note that while these developments are promising, market conditions can change rapidly. It's crucial to verify information on your own and consult with a professional before making any decisions based on this content.
Disclaimer: The aim of this article is to deliver accurate and timely information but should not be taken as financial or investment advice.
[1] Balchunas, E., & Geraci, N. (2023). SEC and ETF issuers in serious dialogue over Solana ETFs. Bloomberg. [2] CoinShares. (2023). CoinShares files for Solana Staking ETF in Delaware. CoinShares. [3] Polymarket. (2023). More than 99% chances of approval of a spot SOL ETF in 2025. Polymarket. [4] SEC. (2023). Amended filings for Solana spot ETFs with the SEC. SEC.gov.
- The filings with the SEC for Solana spot exchange-traded funds (ETFs) by asset managers like Grayscale, VanEck, Bitwise, Canary Capital, Franklin Templeton, Fidelity, and CoinShares indicate a growing interest in investing in technology-driven finance, specifically, the Solana blockchain.
- Notably, CoinShares proposes a unique Solana Staking ETF, offering an opportunity for US-based investors to earn passive income via staking rewards, showcasing the potential of integrating technology and finance for passive income generation.
