Catenaa, Tuesday, June 17, 2025-Investment giants including Franklin Templeton, Fidelity, Grayscale, Galaxy Digital, and VanEck submitted updated S-1 registration filings on Friday in a move widely seen as bringing spot Solana ETFs closer to regulatory approval.
The filings, which were made public late Friday, followed reported requests from the U.S. Securities and Exchange Commission for issuers to revise language around in-kind redemptions and staking mechanisms.
Grayscale disclosed a 2.5% management fee in its update, while VanEck added staking language to its application. Fidelity’s filing marked its first formal move toward launching a Solana-based exchange-traded product.
Analysts say the SEC’s outreach and prompt amendments from firms indicate rising regulatory willingness to consider Solana funds.
Bloomberg ETF analyst Eric Balchunas suggested the products could launch within two to four months, pending further developments.
The SEC has already approved spot Bitcoin and Ethereum ETFs this year but has delayed or denied filings for tokens like Dogecoin, Hedera, and Avalanche. Market watchers note that Solana’s approval odds have improved due to the CME’s recent listing of SOL futures, a move seen as bolstering market legitimacy.
Meanwhile, issuers such as VanEck and 21Shares have pushed for the SEC to follow a first-to-file framework, potentially giving an edge to early filers.
As regulatory momentum builds, the crypto industry is watching closely to see if Solana becomes the third major crypto asset with an approved US spot ETF.
