- CoinShares files with SEC for Solana spot ETF, joining growing institutional race.
- Eight major firms, including Fidelity and Grayscale, now competing for Solana ETF approval.
- Bloomberg analysts estimate 70% approval odds, with decisions likely in late 2025.
Solana is rapidly capturing the attention of institutional investors as CoinShares, one of Europe’s leading digital asset managers, has officially filed with the U.S. Securities and Exchange Commission (SEC) to launch a spot Solana (SOL) exchange-traded fund (ETF). This move signals the latest wave of institutional interest seeking regulated exposure to emerging blockchain assets.
The filing, submitted on June 13, details CoinShares’ plan to list the CoinShares Solana ETF on Nasdaq. If approved, the fund would provide direct exposure to Solana’s native cryptocurrency by tracking the CME CF Solana–Dollar Reference Rate, offering investors a transparent and regulated pathway into Solana’s ecosystem.
In terms of asset security, Coinbase Custody Trust and BitGo have been named as custodians, ensuring the fund’s digital assets are held securely in offline cold storage. Notably, a portion of the fund’s holdings may also be staked through selected providers, potentially allowing investors to benefit from staking rewards, according to the S-1 filing.
Solana ETF Race Intensifies With 8 Firms Competing
Solana’s rise is not isolated. CoinShares’ filing coincided with a flurry of similar applications from other major financial institutions, signaling an intensifying race to be among the first to bring SOL ETFs to U.S. markets. Heavyweights such as Fidelity, 21Shares, Franklin Templeton, Grayscale, Bitwise, and Canary Capital all submitted or amended SOL ETF filings on the same day. VanEck, the first to propose a Solana ETF earlier this year, also updated its submission. According to Bloomberg ETF analyst Eric Balchunas, eight firms are now competing in this growing SOL ETF race.
This surge underscores Solana’s growing appeal as a high-performance blockchain platform, frequently highlighted for its ability to process transactions faster and cheaper than Ethereum a key attraction for developers and investors alike.
Despite the mounting interest, regulatory uncertainty still casts a shadow over the fate of these ETF applications. The SEC has requested further clarity from issuers, particularly around the operational mechanics of in-kind redemptions a vital function allowing ETF shares to be exchanged directly for the underlying assets.
There are also discussions around allowing staking features within the ETF structure, which, if permitted, could introduce a new layer of yield-generating potential for investors. However, the SEC has not indicated any definitive timeline for its decision.
Solana ETF Approval Odds at 70% Amid SEC Review
Bloomberg analysts remain cautiously optimistic. In February, Eric Balchunas placed the odds of eventual approval around 70%, though he acknowledged potential delays. His colleague James Seyffart suggested that while some decisions could theoretically come as soon as late June or early July, a more realistic timeframe points toward early Q4 2025.
Solana’s potential as a faster, more scalable alternative to Ethereum has made it an attractive proposition for both developers and institutional capital. Its blockchain supports a rapidly growing ecosystem of decentralized applications (dApps), decentralized finance (DeFi) protocols, and non-fungible token (NFT) projects.
However, persistent challenges remain. SOL has faced scrutiny over network outages, security vulnerabilities, and price volatility factors that regulators are likely to weigh heavily during their evaluations.
Still, CoinShares’ ambitious filing reflects a broader trend: institutional appetite for regulated, diversified crypto investment products continues to grow. As the SEC begins reviewing this latest round of filings, the outcome will not only determine Solana’s near-term prospects but may also set a precedent for how emerging blockchain assets are integrated into traditional financial markets.
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