Seven asset managers submitted S-1 registration statements for spot Solana ETF products to the U.S. Securities and Exchange Commission (SEC) on June 13.
The companies are Fidelity Investments, 21Shares, Franklin Templeton, Grayscale Investments, Bitwise Investments, Canary Capital, and VanEck. Fidelity filed a new application, while the others submitted amendments to earlier filings. VanEck, which became the first U.S. firm to apply for a spot Solana ETF in June 2024, was the last to submit its updated S-1.
Each of these S-1 filings includes references to staking, according to Bloomberg ETF analyst James Seyffart. That detail may prompt extra SEC review and delay.
SEC Review Timeline Likely to Extend, Says Analyst James Seyffart
James Seyffart said he does not expect spot Solana ETFs to be approved immediately. In a post on X, he noted the SEC typically engages in prolonged review processes with issuers.
“There needs to be a back and forth with the SEC and issuers to iron out details,” Seyffart wrote. He pointed to the lengthy Bitcoin ETF approval history, where Gemini founders filed the first application in 2013 and the SEC only approved spot Bitcoin ETFs in January 2024.
Seyffart emphasized that multiple filings were submitted over months before the Bitcoin ETF launch. He acknowledged that spot Bitcoin and Ether ETF approvals offer some precedent, but said staking introduces new regulatory questions not yet addressed.
Staking Feature Included in All Solana ETF Applications
All seven Solana ETF filings contain staking language, according to Seyffart. The SEC has not approved any staking-enabled ETF product so far. This inclusion may trigger additional scrutiny.
The same issue is under review in the case of spot Ether ETF products. Seyffart said the SEC could decide to handle both at once.
“They could theoretically all launch together,” he said, referring to Solana and Ether ETFs with staking features. Still, he added, “I have no insight into what will actually happen.” As of now, staking has not been permitted in any U.S.-based ETF.
SEC Still Reviewing Staking in Ether ETF Proposals
In January, Consensys founder Joe Lubin said Ether ETF issuers were hopeful that staking features could receive SEC approval “soon.” However, the Ether ETFs that launched in May 2024 did not include staking.
The SEC has not made any public statements about when or whether staking will be allowed in ETF products. The timeline for approval of staking features remains unknown.
On April 30, Bloomberg Intelligence raised the estimated likelihood of a Solana ETF approval in 2025 to 90%. That estimate does not account for the added complexity of staking.
Eric Balchunas, senior ETF analyst at Bloomberg, said earlier this week, “Get ready for a potential altcoin ETF summer with Solana likely leading the way.” However, Seyffart cautioned that approval is not immediate and may depend on how the SEC handles the staking component.
The SEC has not commented on the new spot Solana ETF filings. Each registration remains under review.