Cluster of updated Solana ETF filings shows 'positive back and forth' between asset managers and SEC

Asset managers VanEck, Franklin, Canary/Marinade, Grayscale, 21Shares, Fidelity, Bitwise, CoinShares all updated their filings for a spot Solana ETF on Friday, a sign of ongoing engagement between finance firms and the SEC regarding altcoin ETFs. 

The round of revisions follows a similar cluster of filings from last Friday, in which several of the same asset managers updated their XRP ETF filings. In both cases, some of the filings were amended to permit both cash and in-kind redemptions, meaning shares of the ETF could be redeemed for either cash or the underlying cryptocurrency. 

The round of updates "likely just indicates positive back and forth between these issuers and the SEC," Bloomberg ETF analyst James Seyffart wrote on X. 

The first spot Solana ETF to launch in the U.S. was the REX-Osprey SOL + Staking ETF, which sidestepped the traditional SEC approval process with a clever workaround. The fund launched on July 2, but has failed to gain the same traction as the established spot Bitcoin and Ethereum ETFs, which have attracted billions in flows since their respective launches. The first Solana futures ETFs were launched by Volatility Shares in March of this year. 

The price of SOL is down about 1% in the past 24 hours, according to The Block's Solana Price page.