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Securities and Exchange Commission (SEC) approval for spot Solana ETFs appears imminent as seven original applicants filed amended S-1 documents, and newcomer CoinShares entered the race. Notably, all submissions included language addressing staking, aligning with the SEC’s requested provisions.
With potential approval paving the way for a third major crypto asset ETF product from the SEC, Lightspeed examines the eight firms that have submitted applications:
VanEck
VanEck initiated its filing nearly a year ago and advocated for a “first-to-file” approval approach. While its early timing proved prescient regarding the election outcome, this strategy may be undermined if the SEC approves multiple Bitcoin, Ethereum, and Solana ETFs simultaneously.
VanEck utilizes Kiln for staking its European ETP.
21Shares
Following VanEck’s lead, 21Shares also supports a first-to-file approach. Coinbase is listed as its European staking provider.
Canary Capital
Canary Capital filed days before the election. This smaller fund manager, known for filing altcoin ETFs, has submissions pending for various cryptocurrencies beyond SOL.
Bitwise
Bitwise submitted its application shortly after the presidential election. The firm views Solana favorably as an emerging asset. Bitwise previously launched a staking ETP supported by Marinade.
Grayscale
Consolidating its crypto offerings, Grayscale aims to convert its existing SOL Trust into a spot ETF. The company faces regulatory uncertainty after the SEC delayed a decision on the filing.
Franklin Templeton
Franklin Templeton offers Bitcoin and Ethereum ETFs, along with pending Solana ETF applications. The $1.5 trillion fund maintains broader crypto initiatives, including a Digital Assets Core SMA and tokenized money market fund with Solana support.
Fidelity
Fidelity leads the field with its large-scale Bitcoin and Ethereum ETF operations. Leveraging its extensive brokerage, trust, and IRA platforms, Fidelity is positioned to drive significant inflows if a SOL ETF receives SEC approval.
CoinShares
CoinShares became the eighth applicant, joining the fray as others submitted amendments. The European crypto asset manager offers ETPs for Bitcoin, Ethereum, and numerous alternative cryptocurrencies.
