Author: Blockworks
Compiled by: Felix, PANews
The approval process for the SEC to approve the spot Solana exchange-traded fund (ETF) seems to have entered its final stage. The initial seven potential issuers submitted revised S-1 filings in recent days, and a new entrant (CoinShares) has joined the competition.
Notably, each document includes information about staking, as previously reported, the SEC requires issuers to include such content.
As the crypto industry prepares for a third type of crypto asset ETF that may gain SEC approval, here are eight companies that have applied to issue Solana ETFs, listed in order of their first application submission:
VanEck
VanEck was the first company to apply for a Solana ETF, about a year ago this month. At that time, although the SEC insisted that Solana was a security, some compared this application to a bullish bet on Trump winning the election in November.
This bet has paid off, but if the SEC follows its precedent and approves Bitcoin and Ethereum exchange-traded funds (ETFs) simultaneously, rather than in the order of application submission, it could be a bittersweet victory.
This bet paid off, but if the SEC follows precedent and approves both Bitcoin and Ether ETFs in one go, rather than approving them in the order of submission, it could be a bittersweet victory.
To this end, VanEck has been advocating for the SEC to adopt a 'first-come, first-served' principle, arguing that it is more beneficial for innovation and competition.
VanEck utilizes Kiln to provide Solana staking services for its European exchange-traded products (ETPs).
Related Reading: Institutional Entry, Tokenized Stocks, and Liquidity Transformation: A VanEck Investment Manager's Outlook on the Future of the Crypto Market
21Shares
Within two days of VanEck's application, 21Shares also submitted a Solana ETF application, hoping that the SEC would adopt a 'first-come, first-served' principle.
The planned Core Solana ETF by 21Shares will trade on the Cboe BZX exchange, with redemptions conducted in SOL tokens.
Coinbase is listed as the staking service provider mentioned in the base prospectus submitted by 21Shares in Europe.
Related Reading: The spot ETF is expected to launch as early as July. Can Solana repeat the BTC scenario?
Canary Capital
Canary Capital submitted its SOL ETF application just days before the U.S. election.
Compared to some funds on the list, Canary Capital is smaller but has gained attention recently for applying for various altcoin ETFs. Its submitted ETF applications include SUI, SEI, INJ, TRX, PENGU, HBAR, LTC, and XRP.
Related Reading: Canary Capital frequently submits ETF applications. Are altcoin ETF applications becoming a disguised advertising business?
Bitwise
Bitwise first applied for an exchange-traded fund (ETF) shortly after Trump's election. In an interview, the company's CEO Hunter Horsley described Solana as an 'incredible emerging asset and story.'
Bitwise also launched a Solana-based staking ETP in December, with staking services provided by Marinade. If the US approves staking ETFs, it could be a good sign for Marinade.
Related Reading: Bitwise Chief Investment Officer: Once a skeptic, now wants to buy BTC.
Grayscale
Grayscale is seeking to convert its SOL trust into a spot ETF, similar to how it handled its Bitcoin and Ether trusts. Currently, GSOL trust is trading above its net asset value, indicating that investors are willing to pay more for the product than the underlying SOL.
Last month, the SEC postponed its decision on Grayscale's exchange-traded fund (ETF), stating that it had not reached any conclusions regarding the proposed listing of the spot SOL ETF's 19b-4 application.
Related Reading: Grayscale Select's Latest Report: Q1 Listings Underperform, Q2 Focus on RWA, DePIN, and IP Tokenization
Franklin Templeton
Franklin Templeton Investment Company offers exchange-traded funds (ETFs) for Bitcoin and Ether and has submitted application documents for exchange-traded funds (ETFs) regarding SOL and XRP.
The $1.5 trillion fund has other cryptocurrency initiatives, and its digital asset core SMA has a small allocation to SOL. Its tokenized money market fund also increased its support for Solana earlier this year.
This fund, with a size of $1.5 trillion, has also invested in many other cryptocurrency projects, and its crypto independent managed accounts (SMA) have a small allocation to SOL. Its tokenized money market fund also received support from Solana earlier this year.
Related Reading: Behind the 'Undervalued' Solana DeFi: How to Break the 'Ecological Internal Strife' Between High-Yield Staking and Lending Protocols?
Fidelity
In the current competition, Fidelity is a giant. Its Bitcoin exchange-traded fund (ETF) is second only to BlackRock in terms of assets under management, while its Ethereum ETF lags behind BlackRock and Grayscale's conversion trust.
Fidelity is a major provider of brokerage, trust, and individual retirement accounts, and it could be a key driver of inflows into the approved SOL exchange-traded fund (ETF).
Related Reading: Current Status of the Altcoin ETF Boom: A Detailed Overview of 2025 Crypto ETF Applications
CoinShares
CoinShares is the latest company to join the competition for Solana exchange-traded funds (ETFs), entering the race as existing issuers rush to submit revised S-1 forms.
This European asset management company focused on cryptocurrencies has launched an ETP for BTC, ETH, and a range of altcoins—Tezos ETP. Anyone interested in trying it?
This European asset management company focused on cryptocurrencies has launched exchange-traded products (ETPs) for BTC, ETH, and a range of altcoins.
Related Reading: Substantial progress for Solana spot ETF, SEC focuses on evaluating staking and redemption mechanisms, with earliest approval expected in July.
