Eight Issuers Race to Launch Spot Solana ETFs as SEC Nears Approval

Eight asset managers have submitted or amended S-1 filings for a spot Solana (SOL) ETF in anticipation of imminent approval by the U.S. Securities and Exchange Commission (SEC). The contenders, in order of initial filing, are VanEck, 21Shares, Canary Capital, Bitwise, Grayscale, Franklin Templeton, Fidelity, and newcomer CoinShares. Each prospectus addresses SEC-mandated staking provisions, reflecting industry standards for handling SOL rewards. VanEck leads with a year-old application and champions a first-come, first-served approval principle. 21Shares and Canary Capital follow closely, while Bitwise and Grayscale seek to convert existing Solana trusts or ETPs. Franklin Templeton and Fidelity leverage their vast ETF operations, with Fidelity projected as a major inflow conduit. CoinShares joins late but brings European ETP experience. Approval would mark Solana as the third crypto asset, after Bitcoin and Ethereum, to gain a U.S. spot ETF, potentially driving significant institutional inflows and enhanced liquidity.