- CoinShares becomes 8th firm to file for a Solana ETF
- Filing follows amended staking disclosures by other issuers
- SEC approval expected within two to four months
CoinShares has submitted a prospectus to list a Solana ETF in the U.S. as a wave of asset managers seek to track altcoins. The fund will be listed on Nasdaq and provide institutions access to Solana (SOL). The action indicates the increasing institutional interest in regulated crypto investment vehicles other than Bitcoin and Ethereum.
The filing comes as the SEC reviews similar Solana ETF applications from other companies. CoinShares becomes the eighth asset manager to file such an application, with competitors such as Fidelity, VanEck and Grayscale. These new filings indicate increased confidence in regulatory clarity of alternative digital asset products.
CoinShares Solana ETF Structure
CoinShares filed an S-1 registration statement, with detailed plans of the fund to track the SOL spot market performance on Nasdaq. The filing did not include a 19b-4 form that would have started the formal approval process. However, it is expected that this submission will be followed by an exchange listing request.
The ETF will directly hold SOL and allow investors to get exposure to the digital asset without owning it. Analysts are optimistic about the move by other issuers to update their filings to include staking options. CoinShares could also follow the same in future amendments to match regulatory expectations.
Bloomberg Analysts Predict Solana ETF Approval in 2-4 Months
Last week, seven other firms amended their S-1 forms to address SEC requirements on staking and redemptions. These firms include VanEck and Franklin Templeton which updated their filings at the SEC’s request to include in-kind redemptions. These updates reflect discussions between the Commission and issuers ahead of a possible approval period.
Bloomberg analysts predict that Solana ETFs could be approved within two to four months. James Seyffart and Eric Balchunas noted that the SEC staff have requested issuers to change their language, which is a positive development. The SEC could prioritize Solana products because of the number of compliant filings and an increase in market demand.
Solana ETF Race Gains Pace
Fidelity also filed an application on the same day as other issuers amended their filings, boosting its position in the competitive ETF race. In the meantime, Invesco recently registered the Invesco Galaxy Solana ETF in Delaware, which shows it will likely file soon. These activities indicate the intense competition as companies rush to have a first-mover advantage.
VanEck remains a leading candidate because it submitted early and its liaison with regulators. Grayscale aims to turn its trust into an ETF while Fidelity uses its infrastructure and custody solutions. CoinShares now competes directly with these major firms as it seeks to be approved.