A wave of updated S-1 filings landed on the SEC’s desk Friday, as several major investment firms intensified their push to launch the first spot Solana (SOL) exchange-traded fund in the U.S. Among those submitting amendments were Franklin Templeton, VanEck, and Galaxy Digital—signaling renewed momentum and a potential regulatory greenlight ahead.
Grayscale also joined the latest filing round, disclosing a 2.5% management fee for its proposed Solana fund. Meanwhile, Fidelity drew attention by submitting its first-ever S-1 for a spot Solana ETP, marking the firm’s official entry into the ETF race.
Analysts interpret the filings as a response to recent SEC feedback, suggesting that discussions between issuers and the agency have progressed past early-stage reviews. While approval is not guaranteed, the surge in updates reflects growing optimism that Solana could follow Bitcoin and Ethereum in gaining ETF status.
As Solana continues expanding its role in the crypto ecosystem—with strong DeFi traction and active developer participation—an ETF listing would mark a milestone in the asset’s journey toward institutional legitimacy.
SEC Engagement Boosts Solana ETF Momentum
Momentum for spot Solana ETFs appears to be accelerating following reports that the SEC urged issuers to revise their filings earlier this week. According to Blockworks, the agency asked firms to clarify elements around in-kind redemptions and staking mechanisms within their proposals.
Industry watchers interpret the outreach as a sign the SEC is engaging more seriously with Solana-based ETF applications. Bloomberg ETF analyst Eric Balchunas noted the agency’s change in tone, suggesting a potential approval window within the next two to four months.
Recent filings now reflect greater attention to staking-related mechanics. These proposed ETFs could allow investors to receive staking rewards in addition to price exposure—offering a novel structure in traditional finance. VanEck, for example, updated its proposal Friday to include staking elements within its fund design.
As dialogue with regulators deepens, the arrival of staking-enabled ETFs could reshape how institutional and retail investors tap into yield-generating crypto assets under regulatory oversight.
Solana Could Outpace Altcoins in ETF Approval
While the SEC has approved spot ETFs for Bitcoin and Ethereum, it has largely sidelined proposals tied to other altcoins—often delaying decisions or pushing them into public comment periods.
Solana may now be the frontrunner in breaking that pattern. Analysts suggest that the SEC’s evolving posture, combined with the Chicago Mercantile Exchange (CME) listing of SOL futures, could provide the necessary conditions for approval. Though CME listings aren’t required, they often serve as key market maturity indicators.
Adding to the pressure, issuers like VanEck and 21Shares are calling on the SEC to stick to its “first-to-file” principle—arguing that proposals should be reviewed chronologically. Deviating from that standard, they warn, could erode fairness and competition in the ETF arena.
With institutional interest building and regulatory signals shifting, Solana may emerge as the first altcoin to bridge the gap between DeFi innovation and mainstream financial products.
Quick Facts
- Franklin Templeton, Galaxy, and VanEck revise Solana ETF filings
- Fidelity files first-ever Solana ETF application
- Revised filings reflect SEC engagement on staking mechanics
- CME SOL futures listing seen as supportive signal
- SEC may approve Solana ETF within 2–4 months
