Analysts say Solana ETFs could be weeks away following flurry of amended filings
Quick Take
- A cluster of asset managers updated their Solana ETF filings on Friday, following a round of similar activity at the end of August.
- Several updated filings include details on how the funds will stake SOL to earn extra yield on their holdings.
- Analysts believe the coordinated nature of the filings suggests close collaboration with the SEC, and predict the funds could hit the market within weeks.
A cluster of amended filings for Solana exchange-traded products from high-profile asset managers suggest that spot Solana ETFs with staking could hit the market within weeks, according to analysts.
On Friday, asset managers Fidelity, Franklin Templeton, CoinShares, Bitwise, Grayscale, Canary Capital, and VanEck updated their respective S-1 filings for their proposed Solana ETF to clarify details around their staking activity.
Fidelity, which manages the second-largest spot Bitcoin ETF by assets under management, will stake some or all of its Solana holdings to earn yield according to its revised filing. BlackRock, which manages the largest spot Bitcoin and Ethereum ETFs on the market, has not yet filed for a spot Solana ETF, according to The Block's SOL ETF tracker.
The flurry of filings follows a similar cluster from late August, when several of the same issuers revised their filings to permit both cash and in-kind redemptions. Bloomberg ETF analyst James Seyffart said the filings likely indicated "positive back and forth between these issuers and the SEC" at the time.
Seyffart said the latest round of revisions shows "signs of movement from issuers and the SEC" in a post on X. "Solana ETFs likely coming to an exchange near you in coming days/weeks," Seyffart added.
NovaDius Wealth president Nate Geraci also cheered the latest round of revisions, saying it "bodes well for spot eth ETF staking."
"Guessing these are approved [within the] next two weeks," Geraci wrote on X, referring to the Solana funds.
Some exchange-traded funds already offer exposure to the price of Solana. Hashdex recently expanded its Hashdex Nasdaq Crypto Index US ETF to include Stellar, XRP, and Solana, alongside the bitcoin and ether it already held; the SEC also approved a similar mixed offering from Grayscale. REX-Osprey launched the first staking Solana fund in July, which currently holds over $300 million in assets.
The SEC also recently approved new listing standards for crypto-based ETFs on an "accelerated basis," shortening timelines for fund approval.
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