Several firms have submitted updated S-1 filings to list spot Solana exchange-traded funds on Friday, a move that some experts say signals the U.S. Securities and Exchange Commission is closer to approving these products.
According to a flurry of regulatory filings, investment firms Franklin Templeton, Galaxy Digital, and VanEck submitted updated S-1s, a registration statement needed for an ETF to gain SEC approval for public trading.
Fidelity also submitted its Solana Fund S-1 on Friday, with someone familiar with the matter confirming to The Block “this is Fidelity’s first S-1 filing for a spot Solana ETP.”
Earlier this week, Blockworks reported that the SEC had approached several potential Solana ETF issuers with a request to update their S-1s. Bloomberg ETF analyst Eric Balchunas said at the time this indicates the agency if more likely than before to approve some of these products, giving a timeline of two to four months for spot SOL ETFs to go live.
The SEC reportedly asked issuers to update language surrounding in-kind redemptions and how issuers would approach staking. Lobbyists have been working to get the agency to approve Ethereum and Solana staking ETFs, which would earn holders staking yield. VanEck added staking to its prospective Solana ETF in its updated statement on Friday.
The SEC has approved spot Bitcoin and Ethereum ETFs as well as a number of blended crypto-equity funds. However, it has been hesitant to allow issuers to list products that track alternative tokens, despite the number of filings for products like Avalanche, Dogecoin, and Hedera funds. The agency recently delayed making a decision on several of those products, and requested public comment.
Some experts think Solana has a better chance at approval under a friendlier SEC administration, especially in light of the CME’s listing of SOL futures, which is not an essential step in the ETF listing process but is typically seen as beneficial.
Recently, prospective ETF issuers including VanEck and 21Shares pressed the SEC to follow its traditional “first-to-file approach,” wherein the agency greenlights product proposals on a first-come, first-served basis.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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