European digital asset manager CoinShares has filed for a Solana (SOL) spot exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC), aiming to list the fund on the Nasdaq Stock Market. This move marks CoinShares as the latest in a growing list of asset managers, including Bitwise, Grayscale, and others, seeking to launch Solana-based funds amid increasing institutional appetite for SOL.
The ETF would track the price of SOL, the native cryptocurrency of the Solana blockchain, which is recognized for its high speed and efficiency in decentralized application development. The application comes shortly after multiple issuers submitted revised Solana ETF filings clarifying the ability to stake held SOL, signifying positive momentum toward regulatory approval. Industry analysts have estimated a 70-90% probability of SEC approval within the year, with some expecting a decision potentially within a month.
Approval of a Solana ETF is anticipated to boost institutional participation, expand market adoption of SOL, and align with the current regulatory environment that has become more welcoming to digital asset products under recent SEC leadership. Previously, Bitcoin and Ethereum ETFs have received approval and attracted substantial assets under management, indicating strong market demand for regulated crypto investment vehicles.
Solana is currently the sixth largest cryptocurrency by market capitalization, with a recent price around $156.87 and an all-time high near $293.31. The introduction of a spot SOL ETF could amplify investor exposure and enhance the liquidity and visibility of SOL in traditional financial markets. CoinShares’ approach excludes staking within the custody model, aiming to address ongoing SEC securities-related concerns, potentially smoothing the path to approval.