Catenaa, Tuesday, June 17, 2025-European asset manager CoinShares has joined the growing list of firms seeking US regulatory approval for a spot Solana exchange-traded fund, submitting a Form S-1 registration with the Securities and Exchange Commission.
Filed Monday, the CoinShares Solana ETF proposal would enable investors to gain direct exposure to Solana’s price movements. Coinbase Custody and BitGo Trust are named as custodians.
The filing also revealed that the fund plans to stake a portion of its Solana (SOL) holdings, potentially earning additional returns through staking rewards.
The ETF’s staking structure, which allows trusted providers to generate yield from the fund’s crypto assets, aligns with similar strategies seen in recent amended filings by rival issuers.
CoinShares did not identify its initial staking partner, but confirmed that rewards would be paid to the trust, enhancing returns for shareholders.
CoinShares becomes the eighth asset manager to file for a spot Solana ETF. Others in the race include VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, 21Shares and Canary Capital.
All proposals aim to capture the growing demand for regulated exposure to Solana, currently the sixth-largest cryptocurrency by market capitalization.
Market optimism over approval has intensified following recent amendments requested by the SEC, which focus on staking disclosures and in-kind redemptions.
Bloomberg ETF analyst Eric Balchunas said the regulator could issue approvals within two to four months, noting that Litecoin and Solana-based ETFs currently hold the strongest prospects.
The SEC’s decision could shape the next phase of crypto ETF expansion in the United States.
