Fidelity, Grayscale, and five other major asset managers updated their Solana-based ETF applications by adding staking statements. This step was taken following the SEC's recent statements that staking activities might not automatically be considered a securities offering. BlackRock is not included in the first wave of applications, but industry experts expect the firm to eventually launch its own Solana ETF.

According to Bloomberg ETF analyst James Seyffart, these revised applications were submitted to the U.S. Securities and Exchange Commission (SEC) on June 13. Asset managers making updates include Fidelity, Franklin Templeton, 21Shares, Grayscale, Bitwise, VanEck, and Canary.

The applications reflect a change in tone in the communication between the SEC and ETF issuers and are a response to the concerns expressed by the regulator. In particular, staking activities in fund operations and their effects on the fund have been detailed.

One of the most important innovations was the inclusion of statements regarding the staking of Solana tokens in the applications. This issue, which was previously unclear, has been clarified with the SEC's recent statements, indicating that staking is not automatically considered a securities offering. This development offers ETF managers the opportunity to include staking in their fund strategies to provide additional returns to investors.

However, despite this, the likelihood of SEC approval being granted soon is still low. Seyffart believes this process resembles the long approval process experienced with spot Bitcoin ETFs and that a lengthy correspondence process will continue between the SEC and applicants to clarify details.

"Details need to be mutually agreed upon between the SEC and the issuers, so I do not expect an early approval. If you remember the Bitcoin ETF launch, there was a heavy application traffic for months before the launch at that time," he said.

BlackRock is Currently Under Observation

Despite the increase in Solana ETF applications, the world's largest asset manager BlackRock has not yet made a move in this area. Seyffart noted that BlackRock is not currently applying for a Solana ETF, but it would not be surprising if it enters this area in the future.

BlackRock is already in a strong position in the crypto ETF market. The iShares Bitcoin Trust (IBIT) recently experienced 31 days of uninterrupted fund inflow and ranks among the top 25 ETFs in the U.S. by assets under management. This success is historically evaluated by many. Additionally, the firm's Ethereum ETF has also captured significant market share, with total net inflows exceeding $5 billion.

In this context, The ETF Store president Nate Geraci believes it is inevitable that BlackRock will eventually apply for a Solana ETF.


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