On June 13, seven different companies submitted new applications or revisions for spot Solana exchange-traded funds (ETFs) to the U.S. Securities and Exchange Commission (SEC). This development signals a heightened institutional interest in the Layer 1 blockchain technology.
Key Points to Note:
Seven Solana ETF applications have been filed with the SEC, including both new submissions and amendments from significant financial entities.
Analysts have indicated that the inclusion of staking language in these applications could potentially delay the approval process.
Despite this, there remains a strong market optimism, with Bloomberg estimating a 90% likelihood of receiving approval by 2025.
While the surge in filings is notable, experts caution that gaining approval is by no means assured. “There will likely be extensive discussions between the SEC and the issuers to clarify various details, so I’m not overly optimistic,” commented Bloomberg ETF analyst James Seyffart.
Challenges Ahead for Solana ETF Approval
Seyffart pointed out similarities to the drawn-out approval timeline seen with Bitcoin ETFs, stating, “Anyone who recalls the Bitcoin ETF process knows there were numerous filings and considerable delays before any were launched.”
Included in the applications submitted on June 13 was Fidelity’s inaugural S-1 registration for its Solana ETF. Other major firms such as 21Shares, Franklin Templeton, Grayscale, Bitwise, and Canary Capital also amended their existing proposals, while VanEck, the first firm to file for a Solana ETF in June, submitted its own revised application.
A significant point raised by Seyffart was the complexity surrounding staking provisions. “All the filings contain staking language, which sets them apart from previous Bitcoin and Ether ETFs, potentially inviting regulatory scrutiny,” he noted.
While Ether ETF applicants are also striving for approval to incorporate staking functionalities, the SEC has yet to grant this permission.
They haven’t yet. However, it wouldn’t surprise me if this feature was eventually approved. At this moment, it seems unlikely that staking will be part of the first wave when these ETFs launch.
— James Seyffart (@JSeyff) June 13, 2025
Even with these uncertainties, investor sentiment appears to be optimistic. In April, Bloomberg Intelligence assigned a 90% probability to the approval of a Solana ETF by 2025.
Additionally, Bloomberg’s Eric Balchunas recently bolstered speculation around the potential approval of alternative coin ETFs, suggesting that Solana could be at the forefront of this trend.
Seyffart acknowledged that while the SEC could theoretically approve staking for both Solana and Ether ETFs at the same time, he admitted, “I have no real insight into how this will unfold.”
SEC’s Stance on Staking ETFs Raises Concerns
Recently, the SEC expressed concerns regarding ETF proposals from REX Financial and Osprey Funds that incorporate staking functions for Solana and Ether. The agency indicated that these funds might not meet the current criteria for traditional ETFs, adding a layer of uncertainty to staking-focused investment products.
Manthan Davé of Ripple-backed Palisade remarked that this regulatory pushback illustrates the SEC’s struggle to align existing regulatory frameworks with the rapidly evolving nature of cryptocurrency technologies.
Davé highlighted the inconsistency in the SEC’s approach—acknowledging that staking may not constitute a securities activity, yet opposing products that are based on it. He warned that this inconsistency could stifle innovation and drive investment offshore.
He urged for clearer regulations and updated classifications that recognize the foundational role of staking in supporting blockchain security and driving value creation. Without a more defined regulatory pathway, the U.S. risks falling behind in the competitive digital finance landscape.
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