Written by: Blockworks
Translated by: Felix, PANews
The approval of the spot Solana Exchange Traded Fund (ETF) by the U.S. Securities and Exchange Commission (SEC) seems to have entered its final stage, with the initial seven potential issuers submitting revised S-1 files in recent days, and a new entrant (CoinShares) joining the competition.
Notably, each file contains information about staking, as previously reported, with the SEC requiring issuers to include such content.
As the crypto industry prepares for the third possible SEC-approved crypto asset ETF, here are the eight companies that have applied to issue a Solana ETF, 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 insistence 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 and approves Bitcoin and Ethereum ETFs simultaneously, rather than in the order of submission, this could be a pyrrhic victory.
This bet was rewarded, but if the SEC follows its precedent and approves Bitcoin and Ethereum ETFs at once, rather than based on the order of submission by issuers, 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 the Future of Crypto Markets
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 Script?
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 in scale but has recently gained fame for 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 a staking ETF, this could be a good omen for Marinade.
Related reading: Bitwise Chief Investment Officer: A Former Skeptic Now Wanting to Buy BTC
Grayscale
Grayscale is seeking to convert its SOL trust into a spot ETF, similar to its handling of Bitcoin and Ethereum trusts. Currently, the GSOL trust is trading 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 that it had not yet "reached any conclusion" on the 19b-4 application file for the proposed spot SOL ETF.
Related reading: Grayscale's Carefully Selected Latest Report: Q1 Performance Disappoints, Q2 Focusing on RWA, DePIN, and IP Tokenization
Franklin Templeton
Franklin Templeton Investment Company offers Bitcoin and Ethereum ETFs and has submitted ETF application files for SOL and XRP.
This $1.5 trillion fund has other crypto initiatives, with its digital asset 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: Behind the "Undervalued" Solana DeFi: How to Break the "Internal Friction" 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, while its Ethereum ETF assets are behind BlackRock and Grayscale's conversion trust.
Fidelity, a major provider of brokerage, trust, and individual retirement accounts, could be the primary driver of fund inflows for the approved SOL ETF.
Related reading: Current State of Altcoin ETF Fever: Detailed Overview of Crypto ETF Applications in 2025
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 - 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.
