The Solana ETF landscape took a significant step forward this week as seven major asset managers submitted amended applications to the SEC. Here’s what’s changing and why it matters.
Key Players Join the Solana ETF Race
On June 13, Bloomberg ETF analyst James Seyffart reported updated filings from:
✔ Fidelity
✔ Franklin Templeton
✔ 21Shares
✔ Grayscale
✔ Bitwise
✔ VanEck
✔ Canary
Notably absent? BlackRock – but analysts expect them to join eventually.
Staking Provisions Take Center Stage
The revised filings include crucial updates addressing SEC concerns:
- In-kind redemption models clarified
- Staking language explicitly added
This reflects the SEC’s recent stance that staking doesn’t automatically classify assets as securities. As Seyffart noted:
“The SEC could theoretically approve Solana ETFs with staking when they approve ETH ETFs.”
Approval Timeline: Don’t Hold Your Breath
While progress is evident, experts caution:
- Expect months of back-and-forth with SEC
- Process may mirror lengthy Bitcoin ETF approval
- Final green light likely not imminent
BlackRock’s Absence Speaks Volumes
The world’s largest asset manager hasn’t filed yet, but analysts like Nate Geraci believe it’s inevitable:
“As leader in BTC/ETH ETFs, it would make zero sense to cede Solana to competitors.”
With BlackRock’s crypto ETFs already managing billions in assets, their eventual entry could be a game-changer.
