The race to launch the first spot Solana (SOL) ETF in the U.S. is heating up, but approval may not be around the corner. On June 13, seven major financial firms filed S-1 forms with the U.S. Securities and Exchange Commission (SEC), aiming to bring Solana ETFs to market. However, ETF analyst James Seyffart has cast doubt on any immediate green light from regulators.
“I doubt it [happens next week],” Seyffart said on X. “There needs to be a back and forth with the SEC and issuers to iron out details — similar to what happened before the Bitcoin ETF launch.”
📝 Who Filed for Solana ETFs?
The list of issuers includes both new entrants and amended filings:
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Fidelity Investments – new S-1 registration
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21Shares, Franklin Templeton, Grayscale, Bitwise, Canary Capital – S-1 amendments
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VanEck – submitted its amendment later in the day
These filings follow VanEck’s initial Solana ETF application from June 2024, positioning the firm as an early leader in the altcoin ETF race.
🧬 Why Staking Could Slow Down the SEC
A major commonality in all filings? Staking language.
According to Seyffart, every Solana ETF application includes staking provisions — a controversial issue that complicates SEC review. While lessons from past ETF approvals (like Bitcoin and Ether) might streamline some aspects, staking remains uncharted territory for regulators.
“Lessons learned don’t apply to staking,” Seyffart emphasized.
This echoes concerns also raised during the spot Ether ETF reviews, where issuers are still waiting on SEC clarity around staking functionality.
⚖️ Could Solana and Ether ETFs Be Approved With Staking Together?
Seyffart speculated that a dual approval could occur — allowing staking features for both Solana and Ether ETFs simultaneously. While there’s no confirmation, it aligns with the broader industry expectation that staking-enabled ETFs may represent the next big leap in crypto finance.
“It could theoretically happen,” Seyffart added, “but I have no insight into what will actually happen.”
📈 Market Buzz: Is an Altcoin ETF Summer Coming?
Despite regulatory delays, sentiment around Solana remains bullish.
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Bloomberg boosted Solana ETF approval odds to 90% for 2025
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Open interest in Solana futures surged to $7.4 billion amid ETF hype
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Eric Balchunas, another Bloomberg ETF analyst, said this could be the beginning of an “altcoin ETF summer“
🔍 Final Thoughts
The recent flurry of Solana ETF filings signals mounting institutional interest in diversifying crypto exposure beyond Bitcoin and Ether. However, SEC hesitation over staking could delay launches. Investors and analysts alike are now watching whether the agency will approve both ETH and SOL ETFs with staking rights — or continue to delay amid regulatory uncertainty.
With Solana trading near 2024 highs and momentum building, the ETF clock is ticking.