In a significant move for crypto markets, CoinShares has officially filed with the U.S. Securities and Exchange Commission (SEC) to launch a Solana (SOL) Spot ETF, signaling intensifying competition in the race to bring altcoin ETFs to American investors. This marks CoinShares as the eighth major issuer pursuing a Solana ETF, joining big names like 21Shares, Bitwise, Franklin Templeton, VanEck, Grayscale, Canary Capital, and Invesco Galaxy.
๐ Details of the Filing
The filing, submitted on June 16, 2025, outlines a Trust designed to hold SOL tokens to track their market value. The ETF will be passively managed and will not engage in active portfolio management. CoinShares will act as the sponsor, while Coinbase Custody and BitGo Trust will serve as custodians of the assets.
โ Staking Mechanism
A unique aspect of this ETF is the inclusion of staking. A portion of the Trustโs SOL holdings will be staked through external service providers. While CoinShares itself wonโt operate validator nodes, it will receive a share of the staking rewards generated by these providers. The amount to be staked will be determined before the fundโs official launch.
๐ Industry Reactions & Approval Odds
Bloomberg ETF analyst Eric Balchunas hinted at the arrival of "Altcoin ETF Summer", stating that Solana may become the first altcoin ETF to receive approval in the U.S. He estimates a 90% chance of approval by the end of 2025, echoing predictions from crypto betting platforms like Polymarket.
Noelle Acheson, author of Crypto Is Macro Now, called the SEC's recent push for amended S-1 filings a sign that approvals could come within weeks. Bloombergโs James Seyffart noted that issuers who offer ETFs without staking mechanisms are missing out on yield, further emphasizing the importance of staking integration.
๐งพ SEC Review Process and Legal Pressure
The SEC has requested all issuers to update language in their filings, particularly regarding staking and in-kind redemptions. Although the agency recently delayed a decision on Grayscaleโs Solana ETF, many believe this is part of a final round of regulatory clarification before eventual approvals.
Meanwhile, Invesco and Galaxy Digital have already registered a Solana ETF trust in Delaware, an early step before filing a full SEC application. BlackRock, however, remains notably absent from the Solana ETF race, for now.
๐ฅ First-to-File Debate
VanEck, Canary, and 21Shares have formally requested the SEC to reinstate the first-to-file rule, arguing that the agencyโs approval timeline should prioritize issuers based on when they originally submitted applications. They cited the 2021 approval of ProSharesโ Bitcoin Futures ETF, which secured over 90% market share due to a three-day head start.
VanEck's digital asset head Matt Sigel warned that failure to follow this standard undermines fairness and imposes unnecessary costs on early applicants.
๐ฎ Whatโs Next?
With multiple issuers in play, regulatory updates pending, and staking models becoming the norm, Solana ETFs are on track to redefine crypto investing in traditional markets. If SEC approvals do come through as expected, Solana could be the first non-Bitcoin, non-Ethereum crypto to achieve ETF status in the U.S.โpotentially unlocking billions in institutional capital.
TL;DR:
CoinShares joins 7 other firms in filing for a Solana Spot ETF
ETF will include staking via custodians like Coinbase & BitGo
SEC asked for updated language on staking and redemptions
Approval odds estimated at 90% by year-end
Major shift toward altcoin ETFs may be just around the corner
