Solana ETF Filings Updated as SEC Review Enters Key Stage

• All Solana ETF issuers filed updated S-1s on June 13, adding staking and in-kind redemption info.
• Solana’s growing adoption and performance gains this cycle show rising investor interest. 
• Analysts say the CME futures launch makes approval likely and expect action by 2025.

In a shocking turn of events, all Solana ETF issuers have submitted amended S-1 forms to the U.S. Securities and Exchange Commission (SEC) as of June 13. These filings include updates on in-kind redemptions and staking, directly responding to regulatory feedback. Bloomberg had earlier reported the SEC may act early on these ETF proposals, raising hopes for approval.

Issuers Respond to SEC With Detailed Amendments

Fidelity filed its initial S-1 for a spot Solana ETF, while six other firms submitted updated documents. These include 21Shares, Franklin Templeton, Grayscale, Bitwise, Canary Capital, and VanEck. VanEck, which filed the first Solana ETF proposal in 2024, was the last to amend its application.

Bloomberg analyst James Seyffart confirmed all filings contain staking disclosures, a new feature not included in previous Ether ETF forms. He stated via X, “All of them include staking language, I believe.” Additionally, the in-kind redemption structure was clarified across all filings.

According to Seyffart, “There needs to be a back and forth with the SEC and issuers to iron out details.” He referenced the process for the spot Bitcoin ETF, where dozens of filings preceded its January 2024 launch.

SEC Timeline and Historical Context

The SEC and its crypto task force are now focused on reviewing 19b-4 filings before the final deadline in October. This process could still include months of interaction between issuers and regulators.

The agency’s careful review mirrors its earlier approach to spot Bitcoin and Ether ETFs. Furthermore, CME’s launch of Solana futures earlier this year adds support for ETF approval, aligning with the Bitcoin and Ethereum precedent.

Seyffart and his fellow Bloomberg analyst Eric Balchunas predict a 90% chance of approval for Solana ETFs in 2025. They described this period as a possible “altcoin ETF summer.”

Related: Kalshi Adds Solana Support, Expands Crypto Deposit Options

SEC Balances Innovation With Market Risk

Regulators continue with their efforts to scrutinize Solana and similar cryptocurrencies, despite prior approvals for Bitcoin and Ethereum ETFs. The commission has shown interest in regulating crypto products, but maintains strict conditions for approval. Will the SEC balance innovation with risk management in time to approve Solana ETFs by this year?

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