Plans to launch Solana ETFs in the United States are accelerating, after several major firms such as Canary Capital, Franklin Templeton, and VanEck refiled amended S-1 forms with the U.S. Securities and Exchange Commission (SEC). This move reflects ongoing discussions with regulators and an increasing level of institutional interest in Solana financial products.
t-55 t-57 t-59
File amendments: Inclusion of storage services and expansion of custody. The main amendment in the new files is the adoption of Marinade Finance as the sole provider of staking services for the Solana ETF. According to the details, the fund will direct most of its Solana holdings to the Marinade platform for no less than two years, with staking rewards reinvested after fees to increase net asset value.
t-29c-30
c-45
a-17
An additional feature is the activation of instant redemption capabilities, providing liquidity for redemption requests without the need to wait for the usual unfreezing periods on the Solana network.
The custody framework has been expanded to distribute assets between hot and cold wallets, with the custodian retaining full control over the private keys. Although investors will not interact directly with the tokens, the modified files emphasized that custody risks remain. To enhance transparency, the fund's website will provide daily data on net asset value, complete holdings, and the price difference (Premium/Discount).
Risks and tax considerations. The new files expanded the scope of potential risks, such as slashing penalties, validator failures, or network outages of Solana, in addition to the possibility of the fund abandoning dealings with forks or airdrop distributions.
Tax language has also been added, confirming that the fund seeks to be recognized as a Grantor Trust for U.S. tax purposes, noting the uncertainty around how staking rewards will be taxed.
Positive signals from the SEC. Analyst James Seyffart from Bloomberg indicated that companies like Franklin Templeton and VanEck submitting amended filings at the same time signals ongoing coordination with the SEC. He added that other firms will soon follow this path, reflecting that regulatory review is still ongoing without any halt.
This momentum proves that Solana is gaining increasing importance as an institutional product, as interest has not been limited to ETFs but has also reached the use of the Solana network for publishing official economic data such as U.S. GDP figures.
The significance of this step for investors. With the potential approval of Solana ETFs, investors will be able to gain regulated and secure access to SOL tokens, similar to what happened previously with Bitcoin and Ethereum funds. These developments enhance Solana's position as one of the key digital assets with a promising institutional future.
