17.06.2025 08:40

CoinShares has submitted a registration statement to the Securities and Exchange Commission (SEC) for a Solana spot exchange-traded fund (ETF). This follows closely on the heels of revised applications submitted by several other firms, including 21Shares, Bitwise, Franklin Templeton, Canary Capital, VanEck, Grayscale, and Invesco Galaxy.

The proposed ETF, designed to track the price of Solana (SOL), will passively manage its holdings. CoinShares, acting as sponsor, aims for the fund's share value to mirror the performance of SOL. Importantly, while CoinShares will receive a portion of staking rewards generated by designated providers, they will not directly engage in staking operations, such as running validator nodes. Instead, this activity will be outsourced to trusted third-party custodians and staking providers, namely Coinbase Custody and BitGo Trust, with the exact percentage of SOL to be staked determined before launch.

Bloomberg's senior ETF analyst, Eric Balchunas, speculated on the possibility of a "Solana-led Altcoin ETF Summer," suggesting a high probability of approval for Solana spot ETFs within two to four months. His analysis, supported by data indicating a 90% chance of approval by year's end, paints a positive outlook. This optimism is mirrored by prediction markets, such as Polymarket, which reflects a 91% likelihood of approval in 2025. However, this positive momentum comes after U.S. regulators requested revisions to applications from multiple firms vying for a Solana ETF launch, a clear indication of ongoing regulatory scrutiny. The SEC’s request for amendments highlights the rigorous review process these applications are undergoing before potential approval.