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The U.S. Securities and Exchange Commission (SEC) appears to be in the final stages of approving spot Solana exchange-traded funds (ETFs). Recently, seven initial applicants submitted amended S-1 filings, while a new contender—CoinShares—joined the race.
Notably, each filing includes provisions for staking, as previously reported, following the SEC’s requirement for issuers to address this feature.
As the crypto industry prepares for what could be the third SEC-approved crypto asset ETF, here are the eight firms vying to launch Solana ETFs, listed in order of their initial filings:
VanEck was the first to file for a Solana ETF roughly a year ago, even as the SEC maintained its stance that Solana is a security. Some viewed the move as a bullish bet on a Trump victory in the November election.
That gamble paid off, but if the SEC follows its precedent of approving Bitcoin and Ethereum ETFs simultaneously rather than first-come-first-served, VanEck’s early lead might not guarantee a decisive win. The firm has advocated for a "first-to-file" approval framework, arguing it fosters innovation and competition.
VanEck uses Kiln for Solana staking in its European exchange-traded product (ETP).
Related read: Institutional Adoption, Tokenized Stocks, and Liquidity Transformation: VanEck’s Outlook on Crypto’s Future
Just two days after VanEck’s filing, 21Shares submitted its Solana ETF application, also urging the SEC to adopt a "first-to-file" approach.
Its proposed Core Solana ETF would trade on the Cboe BZX exchange, with redemptions conducted in SOL tokens. Coinbase is listed as the staking provider in 21Shares’ European prospectus.
Related read: Solana Spot ETFs Could Launch by July—Will History Repeat After Bitcoin?
Canary Capital filed its SOL ETF application days before the U.S. election.
Though smaller than some competitors, the firm has gained attention for its slew of altcoin ETF filings, including proposals for SUI, SEI, INJ, TRX, PENGU, HBAR, LTC, and XRP.
Related read: Canary Capital’s ETF Rush—Marketing Stunt or Legitimate Strategy?
Bitwise filed its ETF shortly after Trump’s election victory. CEO Hunter Horsley has called Solana an "incredible emerging asset and narrative."
The firm also launched a Solana-based staking ETP in December, powered by Marinade—a potential beneficiary if U.S. staking ETFs gain approval.
Related read: Bitwise’s CIO: From Skeptic to Bitcoin Believer
Grayscale seeks to convert its GSOL Trust into a spot ETF, mirroring its Bitcoin and Ethereum trust conversions. Currently, GSOL trades at a premium to NAV, signaling investor demand.
Last month, the SEC delayed its decision on Grayscale’s ETF, stating it had not yet "reached any conclusions" on the 19b-4 filing.
Related read: Grayscale’s Q1 Report Underwhelms; Q2 Focuses on RWA, DePIN, and IP Tokenization
The $1.5 trillion asset manager, already a Bitcoin and Ethereum ETF provider, has filed for SOL and XRP ETFs.
Its digital asset strategies include a small SOL allocation in its SMA portfolio, and its tokenized money market fund added Solana support earlier this year.
Related read: Solana DeFi’s Hidden Challenge: Balancing High-Yield Staking and Lending Protocol Competition
A heavyweight in the race, Fidelity’s Bitcoin ETF trails only BlackRock in AUM, while its Ethereum ETF ranks behind BlackRock and Grayscale’s converted trust.
As a major brokerage, trust, and IRA provider, Fidelity could drive significant inflows to an approved SOL ETF.
Related read: The Altcoin ETF Boom: A 2025 Snapshot
The latest entrant, CoinShares jumped into the fray as other issuers rushed to amend their S-1 filings.
The Europe-focused crypto asset manager already offers ETPs for BTC, ETH, and altcoins like Tezos—though the latter’s appeal remains niche.
Key Takeaway:
With staking features now standardized in filings, the SEC’s approval timeline—whether sequential or simultaneous—will shape the competitive landscape. While VanEck and 21Shares were early movers, giants like Fidelity and Franklin Templeton could dominate post-launch. Meanwhile, Grayscale’s premium-priced GSOL suggests strong market anticipation.
As Solana ETFs near reality, the race mirrors crypto’s broader institutionalization—but with a regulatory twist. Stay tuned for updates as the SEC’s decision window approaches.
