Author: Blockworks
Translated by: Felix, PANews
The U.S. Securities and Exchange Commission (SEC) approval of spot Solana Exchange Traded Funds (ETFs) seems to be entering its final stage, with the initial seven potential issuers submitting revised S-1 documents in recent days, and a new entrant (CoinShares) joining the competition.
Notably, each document includes content about staking, as previously reported, with the SEC requiring issuers to include such information.
As the crypto industry prepares for the third potentially SEC-approved crypto asset ETF, here are the eight companies that have applied to issue Solana ETFs, listed in order of their initial submission:
VanEck
VanEck was the first company to apply for a Solana ETF, approximately a year ago this month. At the time, despite the SEC's assertion that Solana is a security, some compared this application to a call option on Trump's potential victory in the November election.
This bet was rewarded, but if the SEC follows its precedent of simultaneously approving Bitcoin and Ethereum ETFs, rather than approving based on submission order, this could be a pyrrhic victory.
This bet was rewarded, but if the SEC follows its precedent of simultaneously approving Bitcoin and Ethereum ETFs, rather than approving based on issuers' submission order, this could be a pyrrhic victory.
To this end, VanEck has been advocating for the SEC to adopt a "first to file" principle, believing it would be more conducive to innovation and competition.
VanEck uses Kiln to provide Solana staking services for its European Exchange Traded Products (ETP).
Related Reading: Institutional Entry, Tokenized Stocks, and Liquidity Transformation: VanEck Investment Manager Previews Crypto Market Future
21Shares
Within two days of VanEck's application, 21Shares also submitted a Solana ETF application, also hoping the SEC would adopt the "first to file" principle.
21Shares' planned Core Solana ETF will be traded on the Cboe BZX Exchange, with redemptions to be made in SOL tokens.
Coinbase is listed as the staking service provider in 21Shares' base prospectus submitted in Europe.
Related Reading: Spot ETF Could Land as Early as July, Can Solana Replay the BTC Scenario?
Canary Capital
Canary Capital submitted its SOL ETF application a few days before the U.S. election.
Compared to some funds on the list, Canary Capital is smaller, but has recently gained prominence by applying for multiple Altcoin ETFs. Its submitted ETF applications include SUI, SEI, INJ, TRX, PENGU, HBAR, LTC, and XRP.
Related Reading: Canary Capital Frequently Submits ETF Applications, Are Altcoin ETF Applications a Disguised Advertising Business?
Bitwise
Bitwise first applied for an ETF shortly after Trump's election. In an interview, the company's CEO Hunter Horsley described Solana as an "incredibly emerging asset and story".
Bitwise also launched a Solana-based staking ETP in December, with staking services provided by Marinade. If the U.S. approves staking ETFs, this could be a good omen for Marinade.
Related Reading: Bitwise Chief Investment Officer: A Former Skeptic Now Wants to Buy BTC
Grayscale
Grayscale is seeking to convert its SOL trust into a spot ETF, similar to its Bitcoin and Ethereum trust handling. Currently, the GSOL trust trades above its net asset value, meaning investors are willing to pay a premium above the underlying SOL.
Last month, the SEC postponed its decision on Grayscale's ETF, stating it had not "reached any conclusions" about the 19b-4 application for the proposed spot SOL ETF.
Related Reading: Grayscale Carefully Selected Latest Report: Q1 List Performance Poor, Q2 Focusing on RWA, DePIN, and IP Tokenization
Franklin Templeton
Franklin Templeton Investment Company offers Bitcoin and Ethereum ETFs and has submitted ETF application documents for SOL and XRP.
This $1.5 trillion fund has other crypto initiatives, with its digital assets core SMA having a small allocation to SOL. Its tokenized money market fund also added support for Solana earlier this year.
This $1.5 trillion fund has invested in many other crypto projects, with its crypto Separately Managed Account (SMA) having a small allocation to SOL. Its tokenized money market fund also gained Solana support earlier this year.
Related Reading: "Underestimated" Solana DeFi: How to Break the "Ecological Internal Consumption" Between High-Yield Staking and Lending Protocols?
Fidelity
In the current competition, Fidelity is a giant. Its Bitcoin ETF assets under management are second only to BlackRock, and its Ethereum ETF assets trail behind BlackRock and Grayscale's conversion trust.
Fidelity, a major provider of brokerage, trust, and individual retirement accounts, could become the primary driver of fund inflows for an approved SOL ETF.
Related Reading: Current State of Altcoin ETF Boom: Detailed Overview of 2025 Crypto ETF Applications
CoinShares
CoinShares is the latest company to join the Solana ETF competition, entering the race as existing issuers rush to submit revised S-1 forms.
This European crypto-focused asset management company has already launched ETPs for BTC, ETH, and a series of Altcoins - including a Tezos ETP. Anyone interested?
This European crypto-focused asset management company has launched Exchange Traded Products (ETP) for BTC, ETH, and a series of Altcoins.
Related Reading: Solana Spot ETF Sees Substantial Progress, SEC Focuses on Evaluating Staking and Redemption Mechanisms, Potentially Launching as Early as July
