Seven hopefuls in the race for a Solana ETF have recently filed S-1 statements with the U.S. Securities and Exchange Commission (SEC), signaling a significant step forward, though experts anticipate further discussions and adjustments before any potential approval.
On June 13, 2025, firms including 21Shares, Bitwise, Fidelity, Franklin Templeton, Grayscale, VanEck, and Canary Capital submitted their S-1 filings or amendments. These filings clarify the language regarding staking, a process where tokens are pledged to a decentralized network in exchange for financial rewards. The proposed ETFs aim to provide investors direct exposure to Solana, with staking potentially enhancing returns.
According to sources, the SEC had previously requested prospective Solana ETF issuers to revise their S-1 filings. The SEC appears receptive to including staking as part of Solana ETFs. Canary and Bitwise filings confirm that Solana will be held in designated “Trust Staking Accounts.” The language clearly states that the Solana in these accounts “permits the Solana held therein to be staked.” This opens the door for the ETF to earn staking rewards, which are described as income to the trust. Those earnings could increase the net asset value of the fund and benefit shareholders over time. Bitwise and Canary filings also state that a portion of the rewards earned through staking may be paid directly to the Trust, either as additional Solana tokens or cash. Grayscale's amendment includes language that allows staking “but only if” certain conditions are met.
Bloomberg ETF analyst James Seyffart, however, suggests that approval may not be imminent. He anticipates continued dialogue between the SEC and issuers to refine the details. Seyffart drew parallels to the Bitcoin ETF launch, noting the numerous filings and adjustments required before its eventual approval. While lessons learned from Bitcoin and Ether ETF approvals could expedite the process, the inclusion of staking introduces new complexities.
The SEC's openness to staking marks a potential shift in its regulatory stance towards decentralized finance (DeFi). Staking within ETFs has been a contentious issue, with regulators previously delaying decisions on Ethereum ETFs due to financial and security concerns.
If approved, these Solana ETFs could be among the first in the U.S. to incorporate staking. This feature introduces a yield component, potentially attracting traditional investors seeking exposure to Solana's full potential without navigating the technical complexities of staking themselves.
These developments occur amidst broader trends of U.S. regulators and lawmakers easing restrictions on the digital asset industry. Under the Trump administration, the SEC and CFTC have adopted a more collaborative approach, engaging with crypto companies to shape regulatory guidelines.
While the SEC has yet to approve spot ETFs for cryptocurrencies beyond Bitcoin and Ethereum, experts anticipate potential approval for Solana ETFs within the coming weeks. The updated filings, particularly the clarifications on staking, represent a crucial step toward expanding investment options in the cryptocurrency market.
