Seven issuers filed or amended purposes for spot Solana exchange-traded funds (ETFs) with the U.S. Securities and Trade Fee (SEC) on June 13, marking the newest wave of institutional curiosity within the Layer 1 blockchain.
Key Takeaways:
- Seven Solana ETF filings hit the SEC, together with new entries and amendments from main issuers.
- Analysts say staking language within the filings might complicate approval timelines.
- Market optimism stays excessive, with Bloomberg projecting a 90% probability of approval by 2025.
Regardless of the flurry of filings, analysts warn that approval stays removed from assured.
“I feel there must be a forwards and backwards with the SEC and issuers to iron out particulars, so I doubt it,” Bloomberg ETF analyst James Seyffart mentioned.
Analyst Warns Solana ETF Might Face Lengthy Highway Like Bitcoin ETFs
Drawing parallels to the protracted approval course of for Bitcoin ETFs, he famous, “If anybody remembers the Bitcoin ETF launch, there have been A LOT of filings over the previous couple months earlier than launch.”
Among the many June 13 filings was Constancy’s first S-1 registration for its Solana ETF. 21Shares, Franklin Templeton, Grayscale, Bitwise, and Canary Capital additionally submitted amendments to current purposes, whereas VanEck — the primary agency to file for a Solana ETF again in June — rounded out the checklist with an amended submitting of its personal.
Seyffart emphasised a key complication: staking. “All of them embrace staking language, I consider,” he mentioned, underscoring that staking provisions, in contrast to previous Bitcoin and Ether ETFs, might set off regulatory pushback.
Whereas Ether ETF issuers are additionally in search of permission to supply staking options, the SEC has but to log off.
They haven't but. However I’d not be shocked in the event that they have been to ultimately do this. However proper now it doesn't seem to be they are going to be within the first wave (each time these launch)
— James Seyffart (@JSeyff) June 13, 2025
Nonetheless, market sentiment seems to be shifting. Bloomberg Intelligence in April positioned 90% odds on a Solana ETF approval by 2025.
And Bloomberg’s Eric Balchunas added gas to hypothesis earlier this week, posting: “Prepare for a possible altcoin ETF summer season with Solana possible main the way in which.”
Seyffart admitted the SEC might theoretically greenlight staking options for each Solana and Ether ETFs concurrently, however added, “I’ve no perception into what’s going to truly occur.”
SEC Pushback on Staking ETFs Raises Doubts About Regulatory Route
Final week, the SEC raised new objections to ETF proposals from REX Monetary and Osprey Funds that embrace staking mechanisms for Solana and Ether.
The regulator argued these funds could not qualify as conventional ETFs beneath present guidelines, casting uncertainty over the way forward for staking-enabled funding merchandise.
Manthan Davé of Ripple-backed Palisade mentioned the resistance exhibits the SEC struggling to reconcile current frameworks with fast-evolving crypto applied sciences.
Davé identified the contradiction within the SEC’s stance—acknowledging that staking will not be a securities exercise, but resisting merchandise constructed round it. This inconsistency, he warned, dangers stifling innovation and sending capital offshore.
He known as for clearer steerage and modernized classifications that account for a way staking underpins blockchain safety and worth creation. With out it, the U.S. could proceed to lose floor within the digital finance race.
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