Quick Overview of the 8 Players Racing to Launch Solana Spot ETFs
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Quick Overview of the 8 Players Racing to Launch Solana Spot ETFs
including VanEck, 21Shares, Canary Capital, Bitwise, Grayscale, Franklin Templeton, Fidelity, and CoinShares.
Navigating Web3 tides with focused insightsArticle: Blockworks
Translation: Felix, PANews
The U.S. Securities and Exchange Commission’s (SEC) approval process for a spot Solana exchange-traded fund (ETF) appears to be entering its final phase, with the initial seven potential issuers having recently filed amended S-1 forms, while a new entrant—CoinShares—has also joined the race.
Notably, each filing includes information on staking, as previously reported, following SEC requirements for sponsors to disclose such details.
As the crypto industry prepares for what could become the third type of crypto asset ETF approved by the SEC, here are the eight firms that have applied to launch Solana ETFs, listed in order of their initial application submission:
VanEck
VanEck was the first company to file for a Solana ETF, doing so about a year ago this month. At the time, despite the SEC's stance that Solana is a security, some viewed the filing as a bullish bet on Donald Trump winning the November election.
That bet paid off—but it might turn into a pyrrhic victory if the SEC follows precedent by approving Bitcoin and Ethereum ETFs simultaneously rather than in the order applications were submitted.
This outcome would be a hollow win, which is why VanEck has consistently advocated for the SEC to adopt a “first-to-file” principle, arguing it better supports innovation and competition.
VanEck uses Kiln to provide Solana staking services for its European exchange-traded products (ETPs).
Further reading: Institutional Entry, Tokenized Stocks, and Liquidity Transformation: VanEck Investment Manager on the Future of the Crypto Market
21Shares
Just two days after VanEck’s filing, 21Shares submitted its own Solana ETF application and has also called on the SEC to follow a “first-to-file” approach.
21Shares’ proposed Core Solana ETF would trade on the Cboe BZX Exchange, with redemptions settled in SOL tokens.
Coinbase is listed as the staking service provider referenced in 21Shares’ base prospectus filed in Europe.
Further reading: Could Spot ETFs Launch as Early as July? Can Solana Repeat Bitcoin’s Story?
Canary Capital
Canary Capital filed its SOL ETF application just days before the U.S. presidential election.
Smaller in scale compared to some other players on this list, Canary Capital has recently gained attention for aggressively filing multiple altcoin ETF applications. Its current slate includes ETFs for SUI, SEI, INJ, TRX, PENGU, HBAR, LTC, and XRP.
Further reading: Canary Capital Files Wave of ETF Applications—Are Altcoin ETF Filings Becoming a Marketing Play?
Bitwise
Bitwise filed its ETF application shortly after Trump’s election victory. In an interview, CEO Hunter Horsley described Solana as an “incredible emerging asset and narrative.”
Bitwise also launched a Solana-based staking ETP in December, powered by Marinade. If the U.S. approves staking-enabled ETFs, this could bode well for Marinade.
Further reading: Bitwise Chief Investment Officer: Once a Skeptic, Now Wanting to Buy BTC
Grayscale
Grayscale is seeking to convert its existing SOL trust into a spot ETF, mirroring its approach with Bitcoin and Ethereum trusts. Currently, the GSOL trust trades at a premium to its net asset value, indicating investor demand for the product exceeds the underlying value of the SOL it holds.
Last month, the SEC delayed its decision on Grayscale’s ETF, stating it had not yet “reached any conclusions” regarding the 19b-4 filing for the proposed spot SOL ETF.
Further reading: Grayscale’s Latest Report: Q1 Underperformers, Q2 Focus on RWA, DePIN, and IP Tokenization
Franklin Templeton
Franklin Templeton, which already offers Bitcoin and Ethereum ETFs, has filed applications for both SOL and XRP ETFs.
The $1.5 trillion asset manager has several other crypto-related initiatives: its digital assets core SMA includes a small allocation to SOL, and its tokenized money market fund added Solana support earlier this year.
Further reading: The Underrated Solana DeFi Ecosystem: How to Break the ‘Internal Drain’ Between High-Yield Staking and Lending Protocols?
Fidelity
Fidelity stands out as a giant among current contenders. Its Bitcoin ETF ranks second in assets under management (AUM) behind only BlackRock’s, while its Ethereum ETF trails BlackRock and Grayscale’s converted trusts in AUM.
As a major provider of brokerage, trust, and individual retirement accounts, Fidelity could become a primary driver of inflows into any approved SOL ETF.
Further reading: The Current State of the Altcoin ETF Craze: A Comprehensive Look at 2025 Crypto ETF Filings
CoinShares
CoinShares is the latest firm to enter the Solana ETF race, joining just as existing issuers rush to submit revised S-1 forms.
The Europe-based crypto-focused asset manager has already launched ETPs for BTC, ETH, and a range of altcoins—including a Tezos ETP. Anyone interested?
The Europe-based crypto-focused asset manager has launched exchange-traded products (ETPs) for BTC, ETH, and a range of altcoins.
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